Ripple’s xCurrent adopted by Indian Private Sector Bank

The leading Indian private sector bank, Kotak Mahindra, has recently informed that Ripple’s settlement solution of xCurrent is to be used by the company
28 June 2018   1018

This solution will make it able to reduce the time associated with remittance payments by several minutes. The Chief Digital Officer of Kotak Mahindra Bank claimed on this matter:

We harness new technologies to simplify and enhance banking services for our customers. xCurrent ticks all the boxes, and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.
Deepak Sharma
Chief Digital Officer, Kotak Mahindra Bank, India

At present there are more than 25 global financial establishments that successfully apply Ripple’s xCurrent solution with the major aim to enhance their client experience when it comes to cross-border transactions.

The payments problem is a global problem, particularly for those in emerging markets trying to send regular, low-value remittances overseas. Kotak Mahindra Bank can offer its retail customers a step-change improvement   in their inward remittance experience thanks to xCurrent, and we look forward to connecting them to other RippleNet members to expand their global remittance offering.
Navin Gupta
South Asia Managing Director, Ripple

As declared in the recent study, “India’s inward remittances have reached $69 billion during the previous financial year, which is 8 times more than its outward remittances”. Cross-border remittances are growing in the country with each year and  Indian hence major banks are gaining different blockchain technologies in order to push forward their online transactions. 

Ripple also suggests another progressive technology that is named xRapid. It provides liquidity for cross-border payments. As of now the solution however has not yet been implemented by many financial intuitions.

Ledger Team to Find Issue in New Nano S Software

Last update's security improvements have affected the amount of device memory
15 February 2019   114

Ledger hardware wallet developers stated that an unforeseen problem was found in software version 1.5.5 for the Nano S model. Improvements in the security context have affected the amount of device memory.

When planning for this update we didn’t anticipate the impact it would have on Ledger Nano S capacity. This was not planned obsolescence, simply put, we messed up. We apologize and we’re committed to making it right.

Ledger Team

The project team apologized for the incident and promised to fix the problem during the second quarter of 2019.

The project also announced the addition of Nano S support in the Ledger Live mobile app on Android.

Earlier, researchers at discovered a number of vulnerabilities in the Trezor and Ledger hardware cryptocurrency wallets. As a result, they were able to conduct a series of successful attacks on wallets during the Chaos Communication Congress in Leipzig.