Menu IconA vertical stack of ripple xrp charts evenly spaced horizontal lines. Ripple, the company behind cryptocurrency XRP, is setting its sights on Asia. Asheesh Birla, VP of product for Ripple, told Business Insider that banks on the continent are more open to innovation than US-based firms. The company is speeding up plans for XRapid, a product that enhances cross-border payments in emerging markets.
Ripple, the financial technology company behind cryptocurrency XRP, is setting its sights on Asia. It would be helpful to think of Ripple as a corporation,” Asheesh Birla, VP of product for Ripple, told Business Insider. XRP is just part of the equation for Ripple. They have a bigger risk appetite,” Birla said. We have a big emphasis in India and Japan. In the US market it has been a little bit slow to be honest.
Neither bank responded to messages seeking comment. The company is also speeding up plans for XRapid, an XRP-powered product that seeks to enhance cross-border payments for emerging markets. Cuallix, a financial services firm, is one firm using XRapid. I am blown away with how fast these banks are digging into this,” Birla said.
In some parts of Asia, regulators have provided more guidance on cryptocurrencies than those in the US. Japan, for instance, deemed bitcoin a legal tender and its top financial regulator provided a clear definition for cryptocurrencies in its amended Payment Services Act in 2017. That makes institutional money feel more secure with the space,” John Spallanzani of Miller Value Partners said. In December, SBI Ripple Asia announced a partnership with 61 Japanese banks to run tests on how distributed ledger technology can simplify international money transfers.