Yesterday, on March 6, the global cryptocurrency market moved closer to the $500 billion mark, as it peaked at $475 billion. Today, the market dropped by nearly $30 billion in value, as major cryptocurrencies recorded losses. On March 5, the price of Ripple gained momentum due to unverified rumors which claimed Coinbase, the world’s largest cryptocurrency brokerage and wallet platform, will integrate Ripple this week. The price of the cryptocurrency could fall by large margins. Over the past 24 hours, almost immediately after Coinbase released an official announcement that clarified the company’s plans to not add any new asset on the Coinbase trading platform or GDAX in the short-term, the price of Ripple fell by more than 11 percent. The official statement of Coinbase read, “our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
Brad Garlinghouse, CEO of Ripple — a US-based payment network and protocol company — spoke with Cointelegraph at the Blockchain Connect conference in San Francisco earlier this year about what problems Ripple can solve in the global marketplace, and the company’s approach to government regulation and traditional finance. Garlinghouse, a Harvard Business School graduate, previously worked at various positions at Yahoo!, including Senior Vice President, and AOL, where he was President of Consumer Applications. Garlinghouse has also served on the board of Ancestry.com, Tonic Health, and Animoto. Ripple, whose native currency is XRP, has partnered with over 100 companies and financial institutions to send money worldwide using Ripple’s Blockchain-based technology.
IndusInd Bank, which is based in India, announced its partnership with Ripple, the enterprise blockchain solution for Global Payments, to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China.
IndusInd Bank plans to leverage the Ripple technology to build further on its existing payments business, because blockchain technology for payments reduces both cost and transfer time significantly. In 2017, India saw a total of $65 billion move into the country and IndusInd Bank, which has significant interests in cross border remittances, plans to harness the power of Blockchain technology for facilitating global payments. By joining RippleNet, banks can also communicate information about a payment between each other, and settle payments immediately. Continue reading IndusInd Bank ties up with Ripple for Global Payments