India’s HDFC Bank joins RippleNet
It is confirmed by Navin Gupta, Ripple‘s MD of the Middle East and North Africa, in an official revealing Ripple Swell conference that HDFC Bank Limited, India’s prime bank has joined hands withRippleNet. Being the biggest private sector lender by assets and market cap, HDFCprovides a wide variety of financial services to its43 million customers through its100k plus workforce across India.
Once accidentally uncovered by Marcus Treacher, SVP of Customer Success in 2019 the rumors were making rounds on the issue. In “The Jay Kim Show” he mentioned that new partners of Ripple in Asia included HDFC BankBut the lines of collaboration with the HDFC Bank were unclear and yet to take place at the time. It was a belief in the crypto society in those times that partnership is restricted to B2B services owing to the crypto-antagonistic administrative policy in India.
On 12th August, the MD of Ripple (MENA)confirmed at Ripple Swell MENA conference that the Bank has begun itsassociationwithRippleNet. As of now, HDFC Bank won’t use the XRP investment tokens straight away, but for global payments, it may give a try to Ripple’s blockchain tech. Gupta exclaimed that Ripple is excited to announce their association with India’s largest bank and will be a crucial receiving partner into India.
Many are amazed at Ripple’s announcement owing to the crypto-hostile policies and political climate in India. Though exchanging in STO cryptocurrencies was prohibited in 2018, the Supreme Court of India has revoked the ban in March 2020.Rumors in recent weeks particularly after Gupta’s Swell statement say that the Government of Indiamightrestore the ban. India’s central cabinet has recently proposed a draft bill that will ban cryptocurrencies and probably security token companies too. The bill is currently under discussion and later will be sent to the Indian parliament.
The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.
Crypto Business World
CBW - External Analyst