Ripple Expands Its Daily Operations in India

While the cryptocurrency market is recovering nicely amid the ICO ban in China, popular cryptocurrencies, such as Ripple, are still developing and expanding their day-to-day operations. Ripple yesterday announced that it had successfully expanded its operations to India by opening up an office in Mumbai. The new office will be directed by Navin Gupta.

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“India is transforming itself into a digital economy and is an innovative leader in payments. Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country,” said Ripple CEO Brad Garlinghouse.

Source: coinmarketcap.com

Ripple is up 21% and is trading at $0.22 a coin with a market cap of over $8 billion. The cryptocurrency is currently seeing a massive amount of volume coming from Korean investors. The top three exchanges for Ripple control a total of 64% of the current daily traded volume. While the USD based exchanges are sitting around the 3% range.

Source: etoro.com

Ripple sees India as a very important role in today’s digital market, due to the country’s increased focus in developing a sustainable digital economy. Gupta also mentioned that India “is the largest recipient of corporate and retail remittances worldwide, totaling about $71 billion”.

This article was first posted on Etoro.com/blog: Our Premium Trading Partner.

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Avner Meyrav

@ccn.com