Ripple (XRP), the largest bank-targeted blockchain protocol, is attempting to take over 50 percent of India’s finance sector by processing payments with low fees and efficient systems.
At the Scaling and Digital Disruption in Fintech conference, Ripple Vice President Asheesh Birla, said that the company envisions surpassing the adoption rate of bitcoin to ensure XRP becomes the dominant cryptocurrency in the region.
Giving Away 2 Billion XRP
Currently, as of July 12, one XRP costs around $0.44 and at its peak, XRP was valued at over $3.00. During a panel, Birla revealed that Ripple planned to giveaway two billion XRP to the entire population of India, to streamline the process of introducing XRP to the nation and encourage the usage of the cryptocurrency.
Two billion XRP at a rate of $0.44 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.
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BLOCKCHAIN NEWS JULY 12, 2018 21:50
Ripple Wants to Beat Bitcoin in India, Initially Planned to Giveaway Billions
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Ripple (XRP), the largest bank-targeted blockchain protocol, is attempting to take over 50 percent of India’s finance sector by processing payments with low fees and efficient systems.
At the Scaling and Digital Disruption in Fintech conference, Ripple Vice President Asheesh Birla, said that the company envisions surpassing the adoption rate of bitcoin to ensure XRP becomes the dominant cryptocurrency in the region.
Giving Away 2 Billion XRP
Currently, as of July 12, one XRP costs around $0.44 and at its peak, XRP was valued at over $3.00. During a panel, Birla revealed that Ripple planned to giveaway two billion XRP to the entire population of India, to streamline the process of introducing XRP to the nation and encourage the usage of the cryptocurrency.
Birla said:
“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?”
Two billion XRP at a rate of $0.44 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.
To secure the Indian finance market and to provide financial support to the majority of the population that is underbanked, Ripple initially considered giving away at least $880 million and potentially billions to the population of India.
But, given the difficulty involving the process of distributing XRP to billions of people in the region and the cost involved, Birla said that the company decided to secure strategic partnerships with the country’s largest banks instead.
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.
Once Ripple finds the majority of bank users and remittance senders in India on its blockchain protocol, Birla emphasized that the company will leverage its influence in the region to convince major banks like Wells Fargo to send payments to India via the Ripple network.
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