Ripple has likely taken over 50 percent of the market share in India, with increasing number of companies either integrated into its network or in talks to seal deals for the same, according to a senior executive at Ripple.
The firm had decided to convince Indian financial firms early on to join RippleNet, a network of companies which use its blockchain technology to process payments, said Asheesh Birla, senior vice president of product management at Ripple.
The company, which owns 60 percent of the total supply of its digital asset XRP, is growing rapidly and is closing more than a deal per week, Birla said at a panel discussion organized by the University of Pennsylvania’s Wharton Scale School.
With increasing number of deals in the pipeline, Ripple is also targeting mobile phone providers and telecom firms as it expects more people in the country to be banked through their phones in the next five years.
“…we’re going to take that back to Wells Fargo, and we’re going to say there’s not a better way to send into India than Ripple,” Birla said.
Regulation – a hurdle for Ripple
Birla also said that the biggest risk faced by the company is regulation because of which Ripple is setting up a regulatory team, tasked with ensuring that its future clients are not held up by regulatory scrutiny.
The company is currently facing lawsuits alleging that its coin is a security, which its CEO Brad Garlinghouse has repeatedly denied. Coupled with the U.S. Securities and Exchange Commission’s vague stance on XRP, users are cautious over investing further in it.
XRP price performance so far
The digital currency’s price has taken quite a beating in the last six months, slumping nearly 77 percent against the U.S. dollar. As of 0900 GMT, it was trading 1.9 percent lower at $0.4471.
According to Global Coin Report, the coin has the potential to end the year having 10 times its current worth. It presents a relatively good investment opportunity compared with other cryptocurrencies in the market due to its low prices and its future potential.
XRP is currently ranked third in terms of market capitalization, valued at $17.60 billion.
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