According to the vice-president of the San Francisco-based blockchain project Ashisha Birla, Ripple uses the economy of a developing country to dislodge bitcoin from the first place in the list of largest coins by the volume of market capitalization.
Recall that Ripple – cryptocurrency platform for payment systems, focused on transactions with the exchange of currencies without refunds. In India, through the development of the banking sector, Ripple hopes to capture 80% of the market. To do this, they intend to conclude strategic partnerships with the country’s largest banks.
By the way, Ripple has focused on the banking sector since 2014. The first bank to use Ripple was Fidor Bank (Munich). In 2015 and 2016, the company began to expand, offices were opened in Sydney, Luxembourg, London. The office in India was opened in 2017. It is located in Mumbai.
The American Banker publication explains the success and relevance in the banking sector of Ripple: “From the point of view of banks, distributed registries, such as the Ripple system, have a number of advantages over cryptocurrencies, such as bitcoin, including price and security.” Earlier, the former financier of Facebook became the vice-president of Ripple.