While the Indian government is yet to find a resolution to the crypto ban, the popular cryptocurrency Ripple is grabbing headlines nevertheless. In a recent event in Delhi, Sameer Garg, VP of Axis Bank spoke about the bank’s adoption of Ripple technology. He said that integrating the digital asset ecosystem with mainstream finance is the deciding factor for mass adoption.
Furthermore, he spoke about the bank’s partnership with Ripple and when questioned on the scope of cross border transactions and Ripple’s contribution, he said,
“The entire expansion of cross border transactions happened at a time when crypto was becoming popular. The usage of platforms and the number of partnerships would increase only if the number of institutions and partners entering the field increases. Currently, the numbers are limited but there is definitely a steady increase.”
He even mentioned about Ripple’s partnerships with Standard Chartered Bank in Singapore and Rak Bank in the United Arab Emirates [UAE]. Per his claims, as the number of alliances increase in the system, the size of the system and transaction volume will automatically increase.
Raghuram Rajan Keynote Speaker at Swell
In another news reported by Coingape, Raghuram Rajan, former governor of India’s Central Bank, Reserve Bank of India (RBI) has been invited as a keynote speaker at the Swell conference organized by Ripple.
Swell by Ripple is a yearly conference that focuses on major financial issues like emerging technology in the payments industry, blockchain technology, and the future of global finance.
Interestingly, the developments in the Ripple ecosystem have not led to a major improvement in XRP. At press time, XRP is trading for $0.26.
Recently, Ripple garnered attention when one of its partners, Santander decided to send money using Ripple-powered ‘One Pay FX’, to connect the Latin America Market.
Currently, only the customers from Spain and the UK can send funds to the USA using One Pay FX.