Ripple aiming to take over financial sector in India

14 Jul, 2018
by David Robb
Ripple aiming to take over financial sector in India

Ripple's Vice President has claimed that the company intends for the XRP token to take over India's financial sector in the upcoming years. Speaking at the Scaling and Digital Disruption in Fintech conference, Asheesh Birla said that plans are in place to support a significant part of the country's economy, and to outdo Bitcoin in terms of cryptocurrency adoption in the region.

To encourage the use of cryptocurrency, and to provide financial support to the population, Ripple initially planned to give away around 2 billion XRP in India. This would have helped the majority of people in the country who do not have access to banking services. It would have been an expensive move, however, costing around $880 million based on current prices. 

"That was one idea", said Birla. "But then we realised that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And then we looked at – where’s the future? And so we realised 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."

If Ripple succeeds in building this new efficient, low-cost financial network, based on the XRP token, it could eventually convince major international banks to use it in order to send payments to India. This would secure its position, both ahead of BTC as the leading crypto, and likely as the main financial system in the nation.

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