The Managing Director of Ripple in South Asia and MENA, Navin Gupta, has come out to confirm that the growing Indian remittance market is a target area for the blockchain company, and it is keen on introducing native crypto XRP into the market for transaction purpose. Navin Gupta, during an interaction with the Editor of indiainfoline.com, Shweta Papriwal, revealed that Ripple began operation in the Asian country in 2017 with two offices in popular cities Bengaluru and Mumbai.
Ripple plans to revolutionize the remittance market.
The Ripple Managing Director said the archaic and costly means of transferring money abroad gulps not less than 7% of the original money value for each transfer to India. Ripple plans to revolutionize the market, he added. Due to lack of clear crypto regulations in India, the RippleNet solution available in the country does not use XRP. However, Ripple is eager to bring in its ODL (On-Demand Liquidity) solution, which relies on XRP for transactions, into the region, Gupta said, averring that this would offer an easier, faster, cheaper and better remittance service.
Ripple aims to become the Amazon of the crypto world.
The blockchain payment company Ripple had focused its efforts solely on cross-border payments for the past five years when Brad Garlinhouse joined the company as the chief executive officer. According to a Financial Times report, Ethan Bear, the head of Ripple’s developer efforts, said that they were moving from “writing cheques to writing code,” implying that the company was planning to go big on promoting the creation of new applications on the Ripple network. The CEO of Ripple, Brad Garlinghouse, said they wanted to make Ripple the Amazon of the cryptocurrency world. The blockchain company is also working on developer tools to help create blockchain-based applications that explore new use cases on the Ripple network.