Ripple Aims to Beat Bitcoin in India, Planned to Giveaway BillionsJuly 19, 2018
Ripple announces its plan of beating bitcoin in India. Ripple, as one of the largest Blockchain protocol, is attempting to take over almost 50% of the country’s finance sector through processing with efficient systems and low fees. During the recent conference on Scaling and Digital, Asheesh Birla, the Vice President of the company said that the company envisions to make it possible that Ripple (XRP) become the most dominant cryptocurrency in India.
With the XRP’s goal of being the dominant crypto in the country, the company planned to giveaway two billion of Ripple in entire India. This planned move is said to be an action that will streamline the process pf XRP and to encourage Indians to use the cryptocurrency. With today’s, the rate of XRP at around $0.44, two billion would cost around $880 million.
During the conference, the Ripple’s Vice President revealed that they are planning to streamline the process of their cryptocurrency by giving away billions of XRP. According to Birla, they looked into India and the billions of people as a huge source of investment and market. With the next rally of the cryptocurrency, it is also estimated to have roughly $7 billion worth of XRP tokens.
The Ripple also considered giving away $880 million and billions to the people of India to provide support and secure the finance market of India. However, given the difficulty included in the process, Birla said that the company decided to secure a partnership with India’s biggest bank.
The company also said during the conference about their idea to getting the top three banks in India to be on Ripple. Ripple also look at the future of the cryptocurrency for the next five years. The team also predicts that within five years, billions of people will become a bank in the country and these people will bank through their phone. Birla also mentioned about their target of reaching out to the majority of India’s crypto population to acquire XRP.
The proposed plan of Ripple is said to be a move toward its goal of beating Bitcoin in the country. The moment XRP succeeds to build networks of banks and billions of users in India, the Ripple’s liquidity network is at this moment anticipated to be more efficient and valuable than the usual banking system. Ripple also aims to achieve most of the country’s remittance and bank users on its Blockchain protocol.
The Vice President of Ripple also highlighted that the company would control its influence in the country to invite more banks to make transactions through their Ripple network. The Blockchain-related and Ripple products are also described as the Swift 2.0 due to its similar operations, but the Ripple is a more efficient and faster way. Swift is a messaging and liquidity system that can only gain value to add major institutions on it. When it comes to the company’s goal of establishing a global financial network, they plan to work with banks in South Korea and Japan closely.