Ripple Incorporation has been making significant progress in tapping international markets despite its native token not reflecting the fundamental value. The team is optimistic about its upcoming Swell Conference where former US president, Bill Clinton, will be a keynote speaker.
This conference is meant to happen at the beginning of October and will be moderated by the National Economic Council Director, Gene Sperling. It is expected that the leaders will exchange ideas within the macro and Fin-tech arena as the world embraces new technology daily. Therefore, it will be an important event for crypto coins like XRP whose tech is being embraced at a seemingly high rate.
Agendas to be discussed in 2018’s Swell range from blockchain technology in the financial services industry to regulation of cryptocurrencies across the world. In addition, opportunities emerging from the growing Money supply in remittances and e-commerce will be evaluated during the event in San Francisco, CA.
Ripple in Mumbai
Mumbai is one of the cities Ripple has managed to establish recognition in the East. The company has courted the attention of several financial institutions in India besides the legal limitations. One of the identified potential customers for Ripple is the Commercial bank of India which has in the recent past been keen on Ripple’s features. The financial service providers are looking forward to smooth global payments and B2B transfers hence the particular interest in Ripple.
Recent statistics indicate that the banks in India find RippleNet, xCurrent and xRapid as actual solutions to international payments. As a result, a couple of banks have shown interest in integrating the XRP technology. This is one of the ways the banks have seen fit to reduce transaction costs and achieve efficiency in tps in comparison to traditional banks. India’s financial institutions have continued to embrace Ripple’s technology regardless of the price action signs sent by the XRP token as a traded asset in the crypto markets.
Kotak Mahindra Ripple Partnership
This top tier private bank in India joined the RippleNet bandwagon. Kotak Mahindra enjoys second position among the private banks in India with its operation scaling in over 1300 branches in the highly populated country. RippleNet prospects following the partnership with Kotak Mahindra increased significantly, the crypto coin went ahead to open physical offices in Mumbai.
At the moment, Ripple has over 100 financial service providers working with the crypto-oriented company. The strategy in India is to capture the growing remittances arena since most money from Indians abroad is somehow sent bank home. Ripple will also benefit from Mumbai’s status as India’s financial hub hence more market demand from Kotak Mahindra’s peers eventually.
Furthermore, Ripple is expected to announce more working relationships within India as we approach Q4 of 2018. Kotak Mahindra which announced the partnership a month ago signaled that Ripple is indeed a crypto to HODL and a fundamental solution in the world of payments. As it stands, the Indian bank is using both the xCurrent and RippleNet technologies for international remittances!