Ripple Acknowledges Its Dominance in India
Ripple is one of the biggest crypto-project to set its eyes on the Indian market. According to Ripple’s Senior Vice President of Product, Asheesh Birla, Ripple has most likely already captured half of the Indian market, as reported by The Daily Hodl.
The vice president stated at a panel on Scaling and Digital Disruption in Fintech that Ripple has decided to add various financial institutions from India to their RippleNet ecosystem.
“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?
Birla hinted at the possible future implications this move might have for both the world economy and for Ripple as a company, as the Indian market is a huge market. The senior vice president went on by stating:
“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.”
“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.”
“Because again it’s about network effects. And if we can do that in India, and we can do that in Brazil, and we can do that in all the emerging markets, I think it’s going to be really hard for – I mean, we won’t take no for an answer, and we’re going to continue to build the network until it’s so valuable that there’s no choice for Wells Fargo to join.”
Satisfied with its success in India, Ripple now looks to the future
With a fair share of enthusiasm, Birla also hinted these are just the first steps for Ripple in India, as blockchain and cryptocurrency technologies are still in its infancy. However, Birla declared that these deals in India mean a lot for Ripple and that the company is now closing new proficient deals on a weekly basis.
“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,” Birla further declared.
The vice president ended his speech by highlighting the importance of being proactive and of having the right mindset: “A couple of things that we realized early on was that blockchain and cryptocurrencies are so new, that you have two choices in this industry. You can have the story written about you, or you can go out and create the story and own the narrative.”