Federal Bank Ltd. Bank of India, announced its partnership with Ripple project processing cross-border payments through blockchain network. The company confirmed on Thursday, March 28, in a short statement of the financial institution.
Official information states that the agreement was signed Shyam Srinivasan, MD and CEO of Federal Bank, and John Mitchell, senior vice president of Ripple Inc. "Animated platform provides a much safer cross-border transactions," the statement said. "This partnership will help the Bundesbank to explore new space where the ripple actively pursue new partnerships," the bank said.
According to local media reports, Shyam Srinivasan said Federal Bank is crucial for the remittance industry in IndiaAnd the search for "the latest technology" led to a partnership with Ripple.
Existing data on the establishment, said that more than 8 million customers, of which 1.2 million from the & # 39 are clients of the NRI, ie Indians living outside India. The latter group of frequent users of the service of transnational remittances, which may represent a significant increase on the & # 39; trading volume through Ripplenet.
Some social network users Reddit Commenters news, believe that the partnership with these features may raise the price criptoactivo XRP. This is a financial institution with more than 1,200 branches and 70 years of activity.
In addition, the Federal Srinivasan said the bank already has an accounting ledger remittances, distributed on the basis of recently updated. The new platform is capable of processing transactions Ripple compatible, which means you can continue to use their existing technological solutions.
Ripple is currently ranked third in the ranking captilización criptoactivos market. According CoinMarketCap, XRP has a market 12.832 million dollars and was trading at $ 0.30 at the time of writing this report.
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