Ripple Labs, Inc., the United States-based Fintech firm and creators of the ripple (XRP) altcoin is formulating a sure-fire strategy to make the native token a popular choice amongst the populace of India.
XRP to the Moon?
According to an Express report, officials at Ripple have revealed their fail-proof plan to end bitcoin’s dominance in the cryptocurrency ecosystem.
Asheesh Birla, Vice President of Product at Ripple, has made it clear the company is determined to make XRP a formidable force in the global cryptocurrency industry by taking advantage of the population of India, its impressive ranking as the second fastest growing economy in the world as well as the Asian nation’s vibrant mobile banking space.
Speaking at the panel on Scaling and Digital Disruption in Fintech, Birla said he’s confident the blockchain and Fintech startup has all it takes to win at least 50 percent of the Indian financial markets.
“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 – give it away?”
Giving away a massive chunk of XRP to 1 billion people would boost the popularity of the digital currency. However, considering the speculative nature of the cryptocurrencies, there is a huge probability that only a handful of holders use the coin for daily transactions, as many would prefer to save it for the day when the price of XRP rises significantly.
“That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80 percent of the market share,” Mr. Birla added, “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 phones. So then we started targeting mobile phone providers and telcos.”
A Pipe Dream?
On paper, Ripple’s strategic plan to take over the world appears to be a forward-thinking maneuver and entirely achievable.
But, when we look at the current situation of things in the Indian crypto industry, with lots of regulatory uncertainties threatening to cripple the digital currency movement, then we’ll realize that Mr. Birla may only just be having a pipe dream at the moment.
While Mr. Birla is hard at work formulating ‘concrete’ plans for Ripple to take over India’s financial markets, the firm keeps getting slapped with lawsuits.
On July 5, 2018, BTCManager reported that Ripple had been sued for the third time for artificially inflating the price of its native XRP token.