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   1900

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.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.