Ripple has signed two banks in India and is negotiating with the country’s retail payments umbrella to handle account-to-account transfers.
According to India’s Economic Times, Axis Bank and Yes Bank are the company’s latest customers. It is also in talks with the National Payments Corporation of India (NPCI) to facilitate money transfers between individuals and corporations.
Ripple XRP Price Skyrockets
The India announcement actually came from 27th April but went little-noticed in the cryptocurrency space. However, since then the price of XRP has skyrocketed, bringing it back into the spotlight.
Having flatlined in the 0.005-0.008-cent range since 2015, XRP saw a bump to 3 cents in early April and then a massive spike to 18 cents and above at the end of the month. Despite being marketed as fuel for transactions rather than a currency per se (similar to Ethereum’s ether) it seems speculators are determined to squeeze value from the XRP token anyway.
Dilip Rao, Ripple’s Asia Pacific managing director, touted the network’s instant settlements and capability of handling both small and large-value transactions.
“We are one of the pioneers in use of the concept of Blockchain for payment. But Ripple today has evolved the growth concepts of Blockchain, keeping in mind how banks work with each other and demand for privacy with the durability of the solution.”
XRP Still Popular With Speculators
Rao announced in 2015 that Ripple would be pushing into Asia and particularly Southeast Asia. The company’s Sydney office was the first outside the U.S.
At the time, Rao touted Singapore’s reputation as a tech and financial hub for the region, and a move towards RMB instead of USD for countries doing business with China.
Ripple also remains very popular in Japan, where XRP is one of the best-known cryptocurrencies. Tokyo has at least one XRP-selling ATM and some have suggested its traders are also driving the latest price run.
The company has raised over $93 million USD in funding in its lifetime. Its latest big round was in September 2016 when it raised $55 million from Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and Japan’s SBI Holdings.
Whether the current price reflects true confidence levels in the Ripple network is uncertain, though. Regardless, Ripple the company continues to present itself to the world’s banks as an alternative to the current SWIFT network.
What do you think about Ripple’s latest activities and value? Let us know in the comments.
Images via Ripple, Pixabay