It is rumoured that Ripple is targeting developing countries as the potential beneficiaries of cryptocurrency transfers, and it seems that the company's next target is Brazil.
In July 2018, one of the Ripple
executives estimated that the company controls 50% of the cryptocurrency market shares in India.
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…we realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone.
- Asheesh Birla, Vice President of Product Affairs.
The next plan of the company is South America. Due to the fact that it generates $2 billion annually in this market, Brazil seems to be a quite obvious goal. Vice president of Business Operations, Eric van Miltenburg
, underlines high expectations of clients in this region and assures that they will be fulfilled:
In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.
There are also several issues to be improved in this field. The company calculated that the average payment processing time in the region is from three to five days. In addition, the ineffectiveness of the process fluctuates around 6%.