Ripple Powering Top Indian Bank’s Digital Rupee Project
Crypto Market News: While the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple continues to have significant impact on XRP token’s growth, the company’s software products continue to make a mark on the growing digital assets market globally. Already, the Ripple central bank digital currency (CBDC) platform, which enables central banks and governments to digitize financial services, is in development phase with several central banks across the world. In a similar project, one of India’s top private banks had in 2018 partnered with Ripple.
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In recent times, several Indian banks have been rolling out the pilot of Digital Rupee e₹ project. Platforms launched by these banks offer e₹ wallet and enable customers to transact in e-Rupee.
Kotak Mahindra Bank – Ripple Partnership
In 2018, Kotak Mahindra Bank joined Ripple’s enterprise blockchain network RippleNet to work on cross border transactions. The deal also involved Ripple’s settlement solution, with an eye to solve the global payments problem. Hence, it is being speculated if the same Ripple technology is powering the bank’s new E-Rupee project. Recently, the bank sent out emails to select customers inviting them to be a part of a Closed User Group (CUG) as part of the project.
However, it is likely that only the Ripple tech products are involved in the project and not the XRP token. With RippleNet, banks can get access to a network of payment providers and other financial services companies which use Ripple’s solutions. There is an upside to Ripple’s on-demand liquidity (ODL) service, in that it utilizes the XRP token for liquidity. Overall, it makes more sense to expand institutionally for Ripple in the current context of the SEC lawsuit and the ecosystem environment in the United States.
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