Now in a latest, Ripple’s Managing Director of MENA, Navin Gupta, has officially confirmed that HDFC Bank Limited has joined RippleNet. RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.
In a webinar (Tweet below) on Saturday last week, Navin Gupta, said “But we have some special news for you that I would like to share with you all. I’m pleasesd to announce that HDFC Bank, largest private sector bank in India has joined RippleNet. They will be a key receiving partner into India and our team is incredibly exited to work with them.”
Interestingly, earlier this year when supreme court quashed the RBI’s ban on cryptocurrencies, HDFC was among few banks who were arbitrarily declining to process crypto transactions saying that the bank was waiting for instructions to lift the ban from the central bank.
Founded in 2012 as OpenCoin, Ripple is a US-based technology company developing the XRP cryptocurrency and distributed ledger technology alongside a digital payment network for financial transactions.