Ripple to Claims Half of India’s Market
At an S&DD conference on financial technology, the company’s SVP explained the interest of Ripple’s operations in India. According to her, Ripple aim’s to fully control the Indian market and distinguish itself among industrial companies within the region.
Asheera Birla, SVP of Ripple, has explained the company’s desire to introduce more members to its network which many payment services and financial institutions operate on. As of now, Ripple owns 60 percent of its native token. As per the SVP, the company studied India’s market and consumer policies, as well as how to introduce the entire nation to Ripple and its services.
Ripple plans on integrating India’s three leading banks into their systems to acquire more than 80 percent of the financial market. Further research revealed that over one billion Indians will be operating and managing their finances through banking systems within the country, most notably through mobile management services which led Ripple to focus more on mobile applications and the telecommunication industry in India.
Through the current procedures and advancements by Ripple, 50% of the market is currently under their control. With an aim of introducing more banks and payment providers into their network, the company hopes to dominate India’s market and fully integrate Ripple into the economy. Birla also mentioned Wells Fargo, saying the company had no other option but to participate given the highly positive results presented by Ripple.
After concluding several successful deals with financial institutions throughout India, the company has climbed to new heights at an exponential rate. She explained that dealing with banks was no easy feat, compared to Facebook who went public in only a few years, although she has stated that by dedicating themselves to the new mission and focusing on financial institutes, the company was begging to see the benefits of working with banks.
She says that the one deal per week closing rate of Ripple was a new level of performance for the company and while crypto and blockchain technology was still developing and in their early stages, both innovations will contribute to a brand new future of digital tech.