The news came into light when Vice President of Product at Ripple, Asheesh Birla, quoted that, India is the second fastest growing economy in the world. Considering this its wise decision for the company to invest in Indian crypto market and emphasized on winning 50 percent of the financial market sector when compared to bitcoin.
As per Global Trends report by the National Intelligence Council(NIC), India may become a superpower by 2030 leaving behind China(whose current growth percentage lies between 8- 10%). Additionally, due to the huge population and gigantic market sector in India, companies like Ripple will have more opportunity to develop banking in the economies of the future.
As per statements from Birla,
“We realised that if you get the top three banks in India onto Ripple, you get 80 percent of the market share”
Also, he commented on exploiting the mobile phone market and stated that,
“And then we looked at – where’s the future? And so we realised 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”
On the same lines, the company is planning to use similar strategies in other emerging economies like Brazil.
Well, what do you think of this investment plan by Ripple? Let us know your thoughts in the comments below.
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