Federal Bank in India Partners with Ripple to Use XRP (XRP)

The struggle of Ripple to increase the awareness and adoption of XRP (XRP) is gradually paying off.  Despite the XRP SEC saga, the digital currency has been thriving. Ripple has been strongly behind XRP (XRP), and the firm is working towards the mass adoption of the coin. With the efforts of Ripple, an imminent XRP bull run is on the way. XRP price prediction 2019 so far is also quite promising.

Ripple has several payment protocols that connect a wide range of financial institutions together. One of Ripple’s products that promote the use of XRP (XRP) is the xRapid Network. Ripple is increasing its customer-base every day, as more banks and financial institutions are adopting its products.

Federal Bank Ltd. In India Partners with Ripple to Use XRP (XRP)

Ripple just added another partner to the list of its partners. The Federal Bank Ltd. Just partnered with Ripple Inc. The bank disclosed this partnership on the 28th of March. The Federal Bank partnered with Ripple in order to be part of its international remittance network. The announcement also stated that the platform of Ripple offers secured and safe cross-border settlements for banks. That’s one of the major reasons why the bank partnered with Ripple.

The Senior Vice President of Ripple – John Mitchell – and the CEO and MD of the bank – Shyam Srinivasan – have confirmed the partnership. A snippet of the announcement reads:

“Federal Bank in India has partnered with Ripple Inc. – a blockchain-based cross-border payment firm – for international settlements via its network. Ripple is powered by blockchain-based solutions, and it ensures international settlement much safer and secure. With this partnership, the Federal Bank will be able to explore new possibilities where ripple is pursuing new partnerships.”

the senior vice president of Ripple and the MD & CEO of the bank signed the agreements for the partnership.

Federal Bank Ltd Plays a Major Role in the Remittance Industry in India

The MD & CEO of the Federal Bank said that the bank plays a major role in the remittance industry in India. He said the Federal Bank is highly crucial to the sector. Considering how crucial the bank is to the remittance industry, the CEO said its only natural for them to adopt the best, latest technology. He added that their search for the best and most recent technology led them to Ripple Inc.

According to the announcement, the bank already has a distributed ledger technology it uses for remittance. But they have chosen to upgrade it recently also. The new solution makes it easy to use their present platform in international settlements that Ripple supports.

About Federal Bank Ltd

Ripple has partnered with several banks in India over the past years. Federal Bank Ltd is the fifth bank in India to join this train. The first four banks to join the Ripple Network are Axis Banks, Kotak Mahindra, Yes Bank, and IndusIND. Federal Bank has been around for about seventy years, and it is one of the leading banks in the private sector. At the moment, the bank boasts of more than 1,665 ATMs in over 1,200 branches. This partnership could help enhance the XRP price, ignite a massive XRP bull run and XRP price prediction 2019.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.00-0.80%

According to CoinMarketCap, XRP price is $0.3058 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $12.87 billion and its trade volume over the past day is $1.13 billion. Also, enthusiasts wait on the regulatory bodies to throw more light on the XRP SEC issues.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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