- Ripple collaborates with HDFC banks to make a stronghold in the Indian Market.
- This is one of the 300 partnerships Ripple announced during the swell conference.
- HDFC is an addition to the list of existing partners in the Indian market.
In the Swell conference which was held in the starting weeks of November 2019, Ripple’s Global Head of Strategic Accounts, Marcus Treacher announced their plans of carrying forward multiple partnerships in the different parts of the world.
One of the major partnerships in this list is, with an Indian Bank ‘HDFC’.
During the Swell conference itself, officials of Ripple announced that they have successfully moved forward with about 300 new partnerships across the globe, on asking about the names of companies associated in the partnership, Ripples official classified companies in a very broad way, saying half of them are banks and other half is Fintech Service Providers.
Though some names of the banks were revealed this includes some very big names like the Bank of Tokyo, Mitsubishi, the Santander, and the Standard Chartered.
Intentions of Ripple through these Partnerships
The basic idea behind partnering with different financial institutions of the world is to make people and companies comfortable with the idea of using cryptocurrency and the main aim of focusing more on the Asian market is because of its emerging technology in the field of wallets and open-networking.
About Indian market
On the topic of the Indian market, Treacher commented that Ripple is already known in the country because of its collaboration with other Indian banks including Hindustan Bank, Kotak, Yes Bank, Axis Bank. Now HDFC is an addition to the list of existing partners in the Indian market.
Treacher maintained the suspense of their nature of the partnership with HDFC but by analyzing the environment for cryptocurrency in the country it could be assumed that the nature of their partnership may be limited to B2B terms.