Ripple (a software marketing company) is one of the largest bank-targeted distributed ledger protocol, and it has several blockchain-related protocols and some of them use XRP – one of the most valuable digital currencies in the world.
Ripple is planning to beat Bitcoin (BTC) in India by taking over 50% of India’s financial sector by offering an efficient and low fee payment system. Speaking at the Scaling and Digital Disruption in Fintech event, Asheesh Birla – the Vice President of Ripple, said that the firm envisions exceeding Bitcoin’s adoption rate to make sure XRP becomes the digital currency in charge of the region.
XRP (XRP) Price Today – XRP / USD
Price 24H (%) -18.45%
Ripple Plans to Giveaway Two Billion XRP Tokens
At the moment, XRP is changing hands at $0.443 and the all-time high of the digital currency is $3. During a panel discussion, the vice president of Ripple said that the firm planned to give away 2 billion XRP tokens to the citizens of India.
The Reason for the Giveaway
He said the firm wants to use this means to streamline the process of introducing the digital currency to the country and also to encourage the use and adoption of the digital currency. At the current rate of XRP, 2 billion XRP tokens will cost about $880 million.
Ripple initially considered giving away about $880 million to the citizens of India, but due to the challenge involving the process of giving away XRP tokens to billions of people in the nation, as well as the cost of doing so, the firm decided to secure strategic partnerships with the largest banks in the nation instead.
Once the firm finds the majority of remittance senders and bank users in India on its blockchain protocol, Birla said that the firm would use its influence in the nation to convince top banks, such as Wells Fargo, to send payments to India through the network of Ripple.