Sameer Garg, VP of Axis Bank, spoke about the bank’s adoption of Ripple technology at a recent event in Delhi, India. The bank official looked confident that many more banks would follow their suit and join the Ripple platform.
The world of cryptocurrencies has seen a marked shift in use cases and expectations of customers, with the field starting as a rival to the commercial banking system to currently functioning as a way to better the economic infrastructure.
The integration of the digital asset ecosystem with the mainstream one has been seen as the backbone of mass adoption; a point also touched on by Sameer Garg, the Vice President of Axis Bank India.
-More and more banks and financial institutions will join Ripple’s platform
-Not only the volume of transactions will increase, but also the use cases
Sameer Garg, Axis Bank pic.twitter.com/ivJyFugmIV
— Steven Bull From the Diep (@DiepSanh) August 20, 2019
At a recent event in New Delhi, India, the Axis Bank official spoke about the bank’s partnership with the Brad Garlinghouse led Ripple. During his statements, Garg was asked about the landscape of cross border transactions in the country and how it has been affected by Ripple. To this, Garg replied:
“The entire expansion of cross border transactions happened at a time when crypto was becoming popular. The usage of platforms and the number of partnerships would increase only if the number of institutions and partners entering the field increases. Currently the numbers are limited but there is definitely a steady increase.”
Garg also mentioned about Ripple’s partnerships with Standard Chartered Bank in Singapore and Rak Bank in the United Arab Emirates [UAE]. He reiterated that once the number of alliances increases in the system, the size of the system, as well as the transaction volume, would also increase.
XRP price stays negligent
Despite the developments in the Ripple ecosystem, XRP, Ripple’s native cryptocurrency has not seen much of an improvement from the price perspective, currently trading for $0.26. At press time, the cryptocurrency holds a market cap of $11.405 billion and a 24-hour trading volume of $1.073 billion.
Ripple was also in the news recently when another one of its partners, Santander, decided to connect the Latin America market by sending money using an application called ‘One Pay FX.’
Currently, only the customers from Spain and the UK can send funds to the USA using Ripple-powered One Pay FX. Also, the bank is yet to confirm how many countries from the Latin American, the banking giant aims at seeing connected to the corridor. Santander serves Brazil, Argentina, Uruguay, Mexico, and Chile.
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