- Ripple’s technology is becoming increasingly influential in the global digital assets market, despite the company’s ongoing SEC litigation.
- Kotak Mahindra Bank, one of India’s leading private banks, may be utilizing Ripple’s software products in its innovative Digital Rupee initiative.
As the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple lingers, casting shadows over the growth of the XRP token, Ripple’s technology continues to gain traction across the globe. The company’s Central Bank Digital Currency (CBDC) platform, specifically designed to empower central banks and governments to digitize their financial services, is currently in the developmental stages with various global financial institutions.
In this vein, Ripple appears to have landed another substantial partnership. One of India’s most prestigious private banks, which began collaborating with Ripple in 2018, might be using Ripple’s software products for an intriguing project – the Digital Rupee.
In recent times, an increasing number of Indian banks have begun piloting the Digital Rupee (e₹) initiative. These cutting-edge platforms facilitate transactions in e-Rupee through an e₹ wallet provided to customers.
The partnership in question here involves Kotak Mahindra Bank, a significant player in India’s financial landscape. The bank, which joined Ripple’s enterprise blockchain network, RippleNet, in 2018, was primarily focused on enabling more efficient cross-border transactions. With Ripple’s settlement solution, the bank aimed to address the existing inefficiencies in global payments. Today, it is speculated that this same Ripple technology might be the driving force behind the bank’s new E-Rupee endeavor.
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In the latest developments, the bank initiated communication with select customers, inviting them to join a Closed User Group (CUG) for the project. However, it should be noted that the involvement likely pertains to Ripple’s tech products and not the XRP token directly.
RippleNet grants banks access to a network of payment providers and financial service companies utilizing Ripple’s solutions. The network’s unique value proposition lies in Ripple’s On-Demand Liquidity (ODL) service, which leverages the XRP token for liquidity. Amidst the ongoing SEC lawsuit and given the current ecosystem environment in the United States, such an institutional expansion strategy appears to be an astute move for Ripple.
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