Mumbai: 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 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.
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.
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
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