If Ripple succeeds in building a network of banks and billions of individual users in India, the liquidity network of the Ripple blockchain-based xRapid and xCurrent could be more valuable and most importantly, more efficient than banking systems.
Once Ripple finds the majority of bank users and remittance senders in India on its blockchain protocol, Birla emphasized that the company will leverage its influence in the region to convince major banks like Wells Fargo to send payments to India via the Ripple network.
Competing Against Swift
Ripple and its blockchain-related products are often described as Swift 2.0, because they carry out similar operations as the global banking system but in a faster and a more efficient way.
Liquidity and messaging systems like Swift can only gain value if it can add major financial institutions and payment service providers on it.
Giving Away 2 Billion XRP
Currently, as of July 12, one XRP costs around $0.44 and at its peak, XRP was valued at over $3.00. During a panel, Birla revealed that Ripple planned to giveaway two billion XRP to the entire population of India, to streamline the process of introducing XRP to the nation and encourage the usage of the cryptocurrency.
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
Two billion XRP at a rate of $0.44 would cost around $880 million, and based on the all-time high price of XRP, which could be achieved once again in the next rally of the cryptocurrency market, two billion XRP tokens could easily be worth worth roughly $7 billion.