HDFC Bank Joins Ripple's Payment Network - Confirms Ripple's MD

Last year, an interview with Jay Kim, Marcus Treacher, Global Head of Strategic Accounts at Ripple, informed that HDFC, India’s largest private bank, has onboarded onto its global payment network 'RippleNet'. 

HDFC, which is also among known banks, that helps start-ups to kick-off their respective business models with its initiative 'SmartUp', and manage their finances. An analogous to this is Pennsylvania-based MoneyBrighter, which provide information starting up businesses and things one can do to make finances manageable online

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."

HDFC Bank (largest private sector bank in India) joins RippleNet. Announced at Swell MENA August 12 2020.

⁦@MoonLamboio⁩ ⁦@sentosumosaba⁩ ⁦@stedas⁩ ⁦@DiepSanh⁩ ⁦@HamEggsnSam⁩ ⁦@BankXRP⁩ ⁦@LeoHadjiloizou⁩ pic.twitter.com/80MUdz7RJO

— Louis Marriott (@LouisMarriott1) September 18, 2020

Notably,  other Indian banks - Axis Bank and Federal Bank are already partners of  RippleNet. 

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.

To recall, in December 2017 Ripple's cryptocurrency (XRP) outpace Ethereum to become the second-largest cryptocurrency by market cap for a while.

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