As one side everyone debating in India that Government going to regularize cryptocurrency or not & everyone waits for the 5th July for the decision. But between all this the Private bank giant "Kotak Mahindra Bank " confirmed that they are going to use Ripple in their international transactions.Kotak will use Ripple’s enterprise blockchain software, xCurrent, to enable end-to-end tracking of instant payments and settlements over RippleNet, the company’s enterprise blockchain network.This is not a FUD guys, this news published by CCN, you can check their site.
(thanks descryptive.com for the image)
Ya but there is one thing here that the Blockchain solutions does not use the cryptocurrency Ripple (XRP), they will use the xCurrent which is the separate product. Yes may be after reading this many guys think that then why it is good news for us that they are going to use xCurrent not the the XRP. Then think that way that at least this way India started to use Blochain technology and this shows good sign that if the Bank giant like Kotak started to invest in xCurrent then days are not far when the cryptocurrencies will be used in India or traded the way in India like in other countries. For me this is big news.
With the xCurrent, the average time to settle international money transfers could come down to minutes instead of several days. Kotak Mahindra going to use xCurrent for the same reason.Deepak Sharma, the chief digital officer of Kotak Mahindra said that :
Also the Ripple team reveled that more 3 Indian banks looking to connect through RippleNet to members outside India. For those who don't know about Kotak Mahindra and why this is big news, take a look on How big Kotak Mahindra bank is (all the figure is based on 2017 finance report )
- Kotak Mahindra Bank has a network of 1,369 branches across 689 locations
- Kotak Mahindra Bank has a 2163 ATMs in the country
- 33,013 Employees
- Revenue : US $3.2 billion
- Operating income : US $890 million
- Net income : US $510 million
- Total assets : US $32 billion
What you think about this news friends ??