Ripple is beginning the year 2017 with exciting news: the launch of XRP trading on Bitstamp, and a partnership with India’s Axis Bank for blockchain-powered cross-border remittances.
XRP trading will be available on Bitstamp from January 17, 2017, with two new trading pairs to be added to the exchange’s roster: XRP/USD and XRP/EUR. Bitstamp said it plans to add other trading pairs and products in the coming months.
XRP, the digital asset native to the Ripple Consensus Ledger, can be used as a bridge currency for real-time settlement, providing efficient exchange of value across borders.
“After evaluating a number of digital currencies for inclusion on our exchange, it soon became clear that customer demand for XRP was particularly strong,” Nejc Kodrič, CEO at Bitstamp, commented on the news. “Fortunately, Ripple and XRP also happen to be a good fit for the requirements of our EU license and so we are delighted to be able to respond to our customers’ needs in this way.”
Luxembourg-based Bitstamp is the largest bitcoin exchange in the EU in volume and the first and only digital asset exchange to be fully regulated in all 28 EU Member States.
Axis Bank to use Ripple’s blockchain tech for remittances
Axis Bank, India’s third largest private sector bank, announced on Monday that it will be using Ripple’s technology to offer cross-border payments solutions.
Ripple’s financial settlements solution, based on blockchain technology, will reduce the time and cost of transactions significantly, the bank said. The technology enables nearly instant international money transfers and will significantly improve efficiency of payments for Axis Bank through instant and automated reconciliation with partner banks.
“We are committed to using innovation in technology to make banking simple and convenient for our customers,” said V Srinivasan, deputy managing director at Axis Bank, as quoted by the Economic Times.
“Remittances have been a key strategic area for us, we at Axis are excited with the tie-up and the potential that the use of blockchain technology could deliver in enabling real-time affordable money transfers.”
India, the world’s largest remittance recipient, attracted about US$69 billion in 2015, according to the World Bank.
“Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation,” said Brad Garlinghouse, CEO of Ripple.
“As an early adopter of Ripple, Axis Bank will set a new standard for cross-border payments services and help us continue to grow our global network in a key region of the world.”
Axis Bank is the first bank in India to partner with Ripple. Others are implementing blockchain through different ways: ICICI Bank has joined the Stellar network, and Yes Bank has recently announced blockchain implementations with IBM and Hyperledger.
Yes Bank, India’s fifth largest private sector bank, unveiled last week that it has used the Hyperledger Fabric to design a vendor financing solution for Bajaj Electricals. The solution aims at digitizing the process for discounting and disbursal of funds to its vendors by integrating with Yes Bank’s systems.