A representative from Ripple recently discussed the company’s strategy that would allow them to capture 50% of the Indian crypto market.
Ripple has a 50% share in the Indian market
Asheesh Birla, Senior Vice President of Product at Ripple, spoke on a panel discussion at the Wharton School of Business about how Ripple gained majority market share to “put its roots in the global economy.”
Birla said that Ripple owns 60% of all XRP offering and that they would try to convince Indian financial institutions to join RippleNet, the network of banks and payment providers that use Ripple’s technology to process payments.
He told the panel on Scaling and Digital Disruption in Fintech that they were looking at the two billion potential customers in the country and playing with ideas on how to deal with that number of customers. He asked aloud, “How do you get two billion people on Ripple? Let’s give the currency away to every Indian, that’s about two billion – are you just giving it away? “
He said they are considering turning to the country’s top three banks, which could have given them an estimated 80% market share. But according to Yahoo Finance, he said, “Where is the future? And so we found that in the next five years there will be a billion people in India banking, but on their phones. So we started talking to cell phone operators and telecommunications companies. “
After realizing this and acting on it, Birla said:
“And now I think we have probably 50% of the market in India in our pipeline, either built into Ripple or part of the deal in the form of a pipeline to be signed to India. And guess what, we’re going to take this back to Wells Fargo and say, ‘There’s no better way to send to India than Ripple.’
India is Ripple’s entry into the world market
Since first going into India, Birla has told the panel that Ripple has risen dramatically and is now closing more than one deal a week selling its products to banks. As he told the audience, “I’m sorry to work with banks, it’s a pain in the ass” before adding, “Now, in 2018 … where all the indolence has been ‘upsetting banks’, let’s go in and work with them . “
The XRP community blog made it clear that Ripple’s exposure to India is concerned due to the ongoing regulatory turmoil led by the Reserve Bank of India. Since Birla’s lecture at the Wharton School, the author has not only been unconcerned but also optimistic about the wide reach of RippleNet on the subcontinent.
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