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Private bank, Federal Bank Ltd. in India, has partnered with Ripple $XRP▲1.18% to facilitate international payments.
In an announcement to the Bombay Stock Exchange (BSE), Federal Bank Ltd. confirmed its partnership with blockchain technology firm Ripple. The partnership will see the bank use Ripple’s blockchain solutions for cross-border remittances.
Unfortunately, it remains unclear whether the partnership will involve the use of cryptocurrency.
Shyam Srinivasan, Federal Bank MD and CEO, and John Mitchell, Senior Vice President at Ripple, signed the partnership agreement between the two parties.
It might come as surprising news to some as India and cryptocurrency have certainly had a tumultuous past.
Last year in April, India‘s central bank, the Reserve Bank of India, issued a directive withdrawing its support for those that deal in cryptocurrency. A move that was later appealed against, but upheld by the Supreme Court of India.
That said, while India might border on being anti-cryptocurrency, it appears to be pro-blockchainwhich explains this latest partnership, at least.