Ripple Accepts Its Dominance in Indian Market
Ripple is one of the popular cryptocurrencies and is third largest in terms of market capitalization. According to the Senior Vice President of Product, Asheesh Birla, Ripple has already captured almost half of the Indian market.
Asheesh Birla further stated that Ripple has decided to add various financial institutions from India to their Ripple Ecosystem. He added,
“We looked early on India, and we looked at two billion people – a huge market. And we decided, how do you get on to Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
He also pointed out the possible future implications that this move might have for not only the company or India but also for the world economy.
Vice President further added,
“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 is a real-time gross settlement system (RTGS), currency exchange and remittance network created by the Ripple company. It was released in 2012 and is also called as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It is built upon a distributed open source internet protocol, consensus ledger and the decentralized native digital asset is known as XRP.
It enables ‘instantly and nearly free global financial transactions of any size with no chargebacks’. Ripple is based around a shared and public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Ripple is used by companies such as UBS, UniCredit, and Santander. It has been increasingly adopted by banks and payment networks as settlement infrastructure technology.
Asheesh Birla also said,
“We made a really smart decision to say ‘Let’s get real. Let’s build a real business.’ And that was a hard decision. Because, listen, Facebook went public in like three or four years. But working with banks, sorry, it’s a pain in the ass. But it’s paying off now for us at Ripple. And that took two to three years for us to build the products, get them out to banks. Now, in 2018, we’re now selling our product to banks, and we’re closing over a deal per week, which is just incredible for a company like ours. Where the entire inertia was disrupted banks, we’re going in and working with them”
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