Ripple (XRP)–Ripple, the parent company behind the third largest cryptocurrency by market capitalization XRP, has proposed an estimate that the currency holds roughly 50% of the market share in India. Despite the Indian government’s crackdown on cryptocurrency–which may not be the blanket ban most were expecting–the coin designed for local and global money transfer has managed to thrive among consumers and investors in India.
Ripple XRP on the Rise in India
Speaking at an event on Scaling and Digital Disruption in Fintech, Ripple’s Vice President of Product Asheesh Birla alluded to the massive market share the currency holds with the Indian populace, in addition to revealing that Ripple contemplated over the manner for bringing the most impact with their currency,
“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?
While air drops have become a popular method for coin distribution, the long history of XRP as a low price-per coin currency has made it ideal for consumers in foreign countries looking for a digital currency that offers price appreciation, but less volatility than their local fiat. In addition, XRP has been recognized as an industry leader in both transaction volume and fees, costing just 0.00001 XRP per transaction with the ability to scale to a tps level comparable with Visa.
Birla also took the opportunity to highlight to the panel the importance of developing economies like India, and how valuable a role cryptocurrency can play. While banks and money transfer services may charge untenable rates for their services, decentralized, high-utility coins like XRP offer instant access to money exchange.
“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.”
in addition to expounding upon the large market share XRP holds in India, Birla outlined the country of India as a model for future adoption in similarly high population density countries such as Brazil. With the rise of the digital age, developing countries will benefit from all of the technology and innovations afforded through the internet–not the least of which involves a new form of money via cryptocurrency,
“And so now, I think that in our pipeline we have probably 50% of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India. And guess what, we’re going to take that back to Wells Fargo, and we’re going to say it’s not a better way to send into India than Ripple.”
Ripple has made efforts to distance itself from the currency XRP in a bid to increase decentralization for the token. As of writing, the currency holds a 17.6 billion USD market cap with a price per coin of 0.45 USD.