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The year 2019 seems lonely tremendous for Ripple (XRP) after a devastating and daunting period at the start of Q4 2018. Close to the end of the previous year, XRP, the native coin of Ripple blockchain technology, climbed the table up to overthrow Ethereum despite the bear situation.
At the beginning of 2019, XRP widened the gap to create an irreconcilable margin for Ethereum. While maintaining the winning streak, the Managing Director of South Asia and MENA at Ripple, Navin Gupta talked about some of the latest achievements of the blockchain especially in 2019.
Gupta, in an interview tagged The Asian Banker, disclosed that Ripple (XRP) has been favored by the Association of Southeast Asian Nations (ASEAN) with a promising regulatory environment.
“What we are seeing across governments and central banks that we are engaged with is the effort to streamline digital assets and to bring it either into an existing framework or build new policies through which cryptocurrency and digital assets itself can be managed. For 2019, we see a favourable regulatory environment. We see clear regulatory signals in ASEAN such as Thailand, the Philippines and Singapore moving ahead on digital assets,” Gupta stated.
Gupta added that Ripple is now operating in 40 countries across six continents with presence in almost all the major remittance corridors around the world, and the unlocking of the US to Mexico transfer route as well as to Philippines in January 2019 is also a significant one for the blockchain network.
“Every one of those 200 financial institutions, of which 50% are from Asia and the Middle East, are production ready and are in the process of going live. It took us two years to acquire the first 100 customers but it took only one year to acquire the next 100. Existing customers are using us more by leveraging our multiple corridors and the network effect is really starting to take off”, Gupta added.
Gupta said while Ripple (XRP) is making headways at the moment, several banks and regulators did not believe in RippleNet when it was first launched in 2016 as most of its early customers were neo banks or non-bank FIs.