Bitstamp to Offer XRP Trading; Ripple Strikes Partnership with Axis Bank

Beginning January 17, 2017, Bitstamp will commence XRP trading with dollar and euro denominations. The platform anticipates introducing additional currency pairs over the coming months. CEO Nejc Kodrič explained the decision: "After evaluating a number of digital currencies for inclusion on our exchange, it soon became clear that customer demand for XRP was particularly strong. Fortunately, Ripple and XRP also happen to be a good fit for the requirements of our EU license and so we are delighted to be able to respond to our customers' needs in this way." Operating from Luxembourg, Bitstamp commands Europe's highest trading volumes and holds the distinction of being fully licensed across all 28 European Union jurisdictions—a regulatory achievement no other digital-asset marketplace has achieved.

In India, Axis Bank—the nation's third-largest privately held banking institution—revealed it will implement Ripple's blockchain infrastructure to expedite and reduce the cost of international money transfers. The system enables near-instantaneous transaction processing while automating settlement coordination between partner financial institutions. V Srinivasan, deputy managing director, elaborated: "We are committed to using innovation in technology to make banking simple and convenient for our customers. Remittances have been a key strategic area for us, we at Axis are excited with the tie-up and the potential that the use of blockchain technology could deliver in enabling real-time affordable money transfers."

India's standing as the world's leading remittance destination underscores this initiative's importance. The country received roughly US$69 billion in incoming transfers during 2015, according to World Bank figures. Brad Garlinghouse, Ripple's chief executive, highlighted the opportunity: "Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation. As an early adopter of Ripple, Axis Bank will set a new standard for cross-border payments services and help us continue to grow our global network in a key region of the world." Axis Bank becomes Ripple's first institutional collaborator within India's banking sector. Meanwhile, other banks pursue blockchain solutions through alternative paths. ICICI Bank has embraced the Stellar network, and Yes Bank—India's fifth-largest private banking operator—has deployed blockchain technology via partnerships with IBM and Hyperledger. Yes Bank recently constructed a vendor-financing solution leveraging Hyperledger Fabric for Bajaj Electricals, automating procurement processes and capital transfers through integrated bank systems.