Ripple's Network of Banks ‘RippleNet' is Expanding to Asia, Middle East and Africa

    Ripple expands into Asia and the Middle East as it partners with more banks to take the lion share in the market. The Managing Director of Ripple in India, Southeast Asia, the Middle East and North Africa, Navin Gupta reveals the strategy the company is taking in capturing the market in the middle east and Asia in an exclusive interview with TechCircle. He also talked about the superior quality of Ripple, and why it will replace SWIFT.

    How Ripple Is Expanding Into Asia And The Middle East

    Mr. Gupta in the interview explained the reason for the establishment of a branch of Ripple in India recently. On this, he said partnering with the top three banks in India would give them the 80% share of the market and the estimate of one billion people getting banked in India in the next five years and they will bank through their phones. To take a substantial share of the market, the company is partnering with banks and telecom company.

    Ripple XRP Ledger is a real-time gross settlement system (RTGS) and remittance network. It enables secure, instantly and nearly free global financial transactions of any size with no chargebacks.

    The unique feature of XRP makes it compete with the Society for Worldwide Interbank Financial Telecommunication, better known by the name SWIFT, a 60 years old banking system. As the XRP aims to have a share of the $70 billion remittance market dominated by SWIFT, Gupta spoke of the quality of Ripple.

    As SWIFT has 6% failure rate, he stated that this is better handled with Ripple with its newly created message based superhighway through which money can travel, either cryptocurrency or the fiat currency. The message-based superhighway is like a message application, in the form of WhatsApp, where money can be sent just like a message, by adding the address of the receiver. The cutting-edge solution for cross-border payments known as xRapid, which utilizes XRP as liquidity for cross-border transactions is used to build the app.

    Gupta also further states that Ripple has expanded into the middle east by partnering with banks, as it seeks to have a share of the oil money. The Ripple tech he claimed is replacing SWIFT in the region.

    As Ripple expands in India, it aims to take a share of the corporate and retail remittance market worth $70 billion which is the largest globally. To gain more than 50% share of it, Ripple is partnering with four top banks which are Axis Bank, Yes Bank, IndusInd Bank, and Kotak Mahindra Bank. More banks are also in the process of being partnered with.

    The Ripple merger with Wells Fargo, a large financial institution in America and its recent expansion into Asia and the Middle East, the crypto firm is taking the significant share of the world's financial transaction with its superior tech.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.