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The Ripple project will distribute 2 billion digital currencies for free to the residents of India

The Ripple project will distribute 2 billion digital currencies for free to the residents of India

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Answer The Ripple project will distribute 2 billion digital currencies for free to the residents of India

The Ripple project and its code (XRP) – the largest protocol on the blockchain – continuously and seriously to acquire the largest share of the financial sector in India by developing the payment system and providing an option with low fees.

Within the activities of a conference Scaling and Digital Disruption in Fintech, Ripple’s Vice President, Asheesh Birla, stated that the company intends to become the dominant currency in the region and bypass individuals’ dependence on Bitcoin.

Distributing 2 billion XRP for free

In an event at the conference, Birla revealed that Ripple plans to offer 2 billion XRP to all of India’s population in order to simplify and encourage individuals to use digital currencies and Ripple.

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Birla added: “We looked early at India, that it is a huge market with two billion people, and we discussed how we can encourage the use of digital currency in the country, so we decided the option of free distribution of two billion XRP to the population of India.

It is worth noting that the price of XRP today is $0.44, so the cost of the free distribution will reach more than $880 million.

Given the difficulty that the company may face in the process of distributing free coins to billions of individuals in the region, he said Birla, that Ripple decided to secure strategic partnerships with the largest banks in India.

With this move, the company hopes to acquire more than half of India’s population to use their network and take advantage of the low fees and high level of efficiency offered by blockchain technology.

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Some may see that this step is important for the company to compete with Swift, as it performs similar operations in the banking sector, but in a faster and more efficient way, and thus Ripple is taking firm steps towards establishing a financial and global network on the blockchain.


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