In order to beat Bitcoin in cryptocurrency dominance in India, world’s 3rd largest cryptocurrency by market cap, Ripple (XRP), has planned to giveaway two billion of Ripple in entire India, announced Asheesh Birla, Vice President of Product at Ripple.
Speaking at the panel on Scaling and Digital Disruption in Fintech, Birla further elaborated that Ripple “…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?”
The company envisions to make it possible that Ripple (XRP) become the most dominant cryptocurrency in India and to encourage Indians to use the cryptocurrency — a planned move that will streamline the process of XRP in the country.
Earlier this year, a nationwide survey revealed that people in India had invested in Bitcoin and other cryptocurrencies worth whopping US $3.5 billion.
With today’s rate of XRP at around $0.45, two billion XRP would cost around $880 million, and based on the all-time high price of XRP, which could be achieved once again in the next rally of the cryptocurrency market, two billion XRP tokens could easily be worth worth roughly $7 billion.
However, given the difficulty involving the process of distributing XRP to billions of people in the region and the cost involved, Ripple has decided to secure strategic partnerships with the country’s largest banks. It is to be noted that, in last November, India’s Axis Bank started using RippleNet, a Ripple’s blockchain-based payment platform, as a means of making cross-border transactions.
“That was one idea. 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. And so now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.”
Ripple had begun spreading its business in Indian subcontinent by setting up its office in Mumbai, in September 2017.
India is currently the world’s third largest economy in terms of real GDP after the USA and the People’s Republic of China.
If Ripple succeeds in building a network of banks and billions of individual users in India, the liquidity network of the Ripple blockchain-based xRapid and xCurrent could be more valuable and most importantly, more efficient than banking systems.
Used by companies such as UniCredit, UBS and Santander, Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology.