Foremost FinTech payments firm Ripple is broadening to India with a new office in Mumbai. It is a San Francisco- based, always tend to introduce banks to blockchain technology to facilitate money transfer globally. Particularly, with that intention, FinTech startup is now opening an office in India. Therefore, the massive economy development is undergoing a transformation into a digital society.
Therefore, in an announcement today, Ripple reveals the details of broadening its new office to Mumbai, India. Navin Gupta, Former banking executive will lead the operations with multiple decades of experience in global banks including Citibank and HSBC.
“India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion…Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payments services into the fold”.
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Ripple Consensus Ledger (RCL) is developed by Ripple in 2012. It is an enterprise-ready public blockchain for financial institutions and banks. Specifically, it is geared to process cross border payments. Currently, XRP token powers the RCL and the market cap values of 8.5 billion. In May, Ripple reveals an approach to make its blockchain more efficient, secure and decentralized than Bitcoin. With the improvisation of XRP token’s liquidity, Ripple devoted placing 55 billion XRP initiates by this year.
Yes Bank and Axis Bank has already implemented Ripple’s solution. According to the report, in 2016, Ripple’s Blockchain for transferring money is initially trail by Axis Bank. Earlier, Axis bank disclose that it was working on incorporating the technology to cross-border remittances.
Ripple CEO, Brad Gralinghouse stated that,
“Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation”.