Ripple expands to India, opens new office in Mumbai

The startup’s expansion to India comes at a time when the country is increasingly making efforts to embrace blockchain technology. At the beginning of 2017, the Reserve Bank of India (RBI) worked with the regulators, banks, financial institutions and clearing houses to explore the use of blockchain in a trade application.

Furthermore, Indian states, including Telangana and Andhra Pradesh, are seeking to bring blockchain technology to e-governance. In addition, India is the largest recipient of corporate and retail remittances worldwide, totalling close to USD 71 billion, Ripple’s Country Manager for the Indian division said for EconoTimes.

According to the official announcement, Navin Gupta has been appointed Country Manager for Ripple India. Gupta will bring his extensive experience in transaction banking, product management and global strategy roles at HSBC and Citibank across the US, Hong Kong, Japan, Taiwan and India.

The company already has offices in Australia, Japan, and the UK to serve its growing customer base.