Ripple claims that its technology is on its way to dominating the Indian market. At a panel on Scaling and Digital Disruption in Fintech, Ripple’s Senior Vice President of Product Asheesh Birla discussed Ripple’s plan to corner the market in India and plant its roots in the world economy.
Getting Indian financial institutions to use RippleNet
Birla stated that Ripple which owns 60% of the total supply of XRP has decided to convince financial institutions from India to team up with Ripple and use RippleNet the network of banks and payment providers who are using Ripple’s technology in order to process payments.
He stated that “We looked early on at India, and we looked at two billion people – a huge market. And we decided, 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?”
Birla continued and said “That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – 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 telcos.”
Birla also said that Ripple scaled dramatically and now it’s closing more than just one deal all over the world on a weekly basis.
Shaping the future of crypto space
He also stated that the whole blockchain tech and crypto space are still in their infancy and Ripple is currently working to shape the future of this emerging technology and cryptos.
“A couple of things that we realized early on was that blockchain and cryptocurrencies are so new, that you have two choices in this industry. You can have the story written about you, or you can go out and create the story and own the narrative,” he concluded.