Cryptocurrencies have set new trends across the world. The blockchain technology is looked at as an excellent opportunity to modernize the financial transactions. However, the crypto in India is at a very nascent stage and questioned on many grounds due to the recent order of RBI. Ripple India is also set to dominate the Indian Crypto market.
Compared to other cryptocurrencies, Ripple has been dominating in India since its launch. In 2017, Ripple registered an impressive price surge close to 36000% and Ripple has conquered more than 50% of Indian crypto market already.
The Vice President of Ripple’s product Asheesh Birla mentioned that they would like to set a permanent position in India and the rest of the world. While the other cryptocurrencies are at the stage of infancy, Ripple India would like to shape up the future of cryptocurrencies.
He further added 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?”
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 a bank in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos”.
Dynamic Indian Market
According to Livecoinwatch, The CEO of Ripple Brad Garlinghouse stated at a conference earlier this year that, Ripple has got a value proposition while the other coins are traded on the basis of speculation.
The Vice President of Ripple is highly optimistic and remarked that India is a huge market of networks and if they were able to get into any one of these networks, they will be able to bring about billions of Indians to the Ripple. The dominance in the Indian market can help us get into Brazil too.
Ever since Ripple India signed its first deal, Asheesh Birla says they have continuously entered into various convincing deals in India almost every week. Birla stated that in the early stages of growth, they have got only two options, “You can have the story written about you, or you can go out and create the story and own the narrative.”