Indian Bank Set to Adopt Ripple for Cross-Border Payments
Indian Bank Set to Adopt Ripple for Cross-Border Payments
While India remains a no-go area for bitcoin and other cryptocurrencies, Ripple Labs, the developer of XRP, is busy making inroads into the Asian nation, as per a report on August 2, 2018. According to an FXStreet, the State Bank of India (SBI), the country’s institutional banking authority, is set to start facilitating instantaneous cross-border payment solutions with Ripple. The bank is one of the largest in India and has an employee base of nearly 300,000.As per 2017 data, the State Bank of India had a 23 percent market share in assets and controlled one-fourth of the total loan and deposits market in the country. The bank is positioned at rank no.216 ranked 216 on the Fortune Global 500 list of the largest corporations in the world.In a similar vein, Kotak Mahindra, a private bank headquartered in Mumbai, is reportedly adding its 1,300 branches to the Ripple network. XRP is the 3rd largest cryptocurrency by market cap size. It is down 2.89% over the past 24 hours and is currently trading at $0.428571. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as CEX.io and Changelly.
