First Vice-President of the production Department Rippe Ashish Birla (Asheesh Birla) stated that the company took 50% of the cryptocurrency market of India.
During the panel discussion “Scaling and Digital Disruption in Fintech”, held in June at the Wharton school of business, Birla spoke about the strategy RippleNet in India in relation to potential partners and customers. According to Birla, the target audience of the company in this region covers two billion people that initially complicated the access to the local market. Recalling the preparatory stage, he said
“How to make two billion people customers Ripple? We have that to distribute bitcoin to all inhabitants, two million to just give away?”
He added that the Ripple in the first place wanted to establish cooperation with the three largest banks of India that would provide the company access to 80% of the market. The change in strategy occurred as a result of insight about the future of banks:
“We realized that within five years another billion people in India will use banking services only through mobile phones. Therefore, we focused on mobile service providers and telecommunication companies.”
This decision, said Birla, provided service penetration Ripple by 50%; however, he included those businesses and organizations that had not formally joined RippleNet, but with whom appropriate arrangements are made. At this stage the implementation of the strategy Ripple closes at least one trade in a week and cooperated with the banks.
The latter has caused confusion among users. Some openly expressed his position in the comments section of the blog Ripple: community active development of the market of India seems strange due to the instability of the relevant legal field. From April there is a ban on the provision of banking services to cryptocurrency exchanges, and Central Bank of India periodically publishes warnings about the dangers of investing in cryptocurrencies, and the absence of ICO official licenses.
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