Despite witnessing a significant amount of growth within the past couple of years, Ripple is always looking to find newer ways to strengthen its market position. In this regard, it is now being reported that the company is purposefully targeting Indian banks, so as to generate more interest for its RTXP protocol.
Ripple Sees India as a key Region
Even though India is slowly trying to weed out all of its cryptocurrency activity, it seems like digital assets are still in high demand within the nation. This is at least true for XRP, especially since the currency comprises close to 50% of India’s entire crypto market.
For now, Ripple’s main focus is to get more Indian banks excited about its RTXP protocol. This new payment processing platform offers cheap and instant settlements and if more banks experiment with this technology moving forward, a bigger interest in this technology will be generated.
Over 100 financial institutions are currently exploring the company’s technological offerings, albeit only a few of them see the benefits of XRP itself. With RTXP, it seems evident a new use case for XRP will be created, although it may not affect the asset’s value immediately.
Final Thoughts
This latest move is another push by Ripple to transform the banking sector as a whole. To make a real impact, the company needs to make inroads with the three largest Indian banks since those institutions effectively control 80% of India’s economic outflow.
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