Ripple’s technology products are making a significant impact in the rapidly expanding global digital assets market within the cryptocurrency industry.
In the crypto market news, despite the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) affecting the growth of the XRP token, Ripple’s software products are still leaving a strong impact on the global digital assets market.
Notably, Ripple’s central bank digital currency (CBDC) platform, designed to assist central banks and governments in digitizing financial services, is currently under development and has garnered interest from multiple central banks worldwide. Furthermore, in 2018, one of India’s leading private banks had partnered with Ripple for a similar initiative.
Recently, a number of Indian banks have introduced pilot programs for the Digital Rupee e₹ project. These banks have launched platforms that provide e₹ wallets, allowing customers to engage in transactions using the digital form of the Indian Rupee, known as e-Rupee.
Kotak Mahindra Bank and Ripple Partner for Collaboration
In 2018, Kotak Mahindra Bank partnered with Ripple’s enterprise blockchain network, RippleNet, to collaborate on cross-border transactions. The agreement also included the implementation of Ripple’s settlement solution, aimed at addressing global payment challenges. Consequently, there is speculation about whether the same Ripple technology is being utilized for the bank’s new E-Rupee project. The bank has recently sent out emails to specific customers, inviting them to participate in a Closed User Group (CUG) as part of this project.
It is probable that the project involves only Ripple’s technology products and not the XRP token. Through RippleNet, banks can gain access to a network comprising payment providers and other financial service firms utilizing Ripple’s solutions. Ripple’s on-demand liquidity (ODL) service, which utilizes the XRP token for liquidity, has its advantages. Considering the ongoing SEC lawsuit and the current ecosystem in the United States, it appears more sensible for Ripple to focus on institutional expansion.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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