A Ripple representative has recently talked about how the company was able to seize 50 percent of India’s cryptocurrency market.
During a panel at Wharton School of Business, Asheesh Birla, Senior Vice President of Product at Ripple, discussed how Ripple was able to win the majority of the market share to “plant its root in the world economy.”
Birla stated that the company will now try to convince financial institutions in India to join RippleNet, a group of banks and payment providers that utilize Ripple’s tech in processing payments.
At the panel on Scaling and Digital Disruption in Fintech, the Ripple exec stated that Ripple studied India’s two billion-strong market and explored ideas on how to handle that volume of customers. Birla then asked the audience:
“How do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
He added that Ripple even contemplated on approaching the top three banks in the country, a move which could have brought them an estimated 80% market share. According to Yahoo Finance, the Ripple exec said:
“Where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and Telco’s.”
After realizing what needs to be done, Birla went on to say:
“And so now, I think that in our pipeline we have probably 50% of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.
And guess what, we’re going to take that back to Wells Fargo, and we’re going to say ‘there’s not a better way to send into India than Ripple.”
After its initial success in India, Birla told the panel that Ripple has scaled tremendously and is currently closing more than one deal a week. He also informed the audience:
“Working with banks, sorry, it’s a pain in the ass.”
Birla continued by saying:
“Now, in 2018 … where the entire inertia was ‘disrupt banks,’ we’re going in and working with them.”
Ripple owns 60% of the total XRP supply. Meanwhile, the XRP community blog expressed apprehensions about Ripple’s dedication to the country due to an ongoing regulatory dispute initiated by Reserve Bank of India.
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