China, Ripple’s Number One Priority

China, Ripple’s Number One Priority
фото показано с : blokt.com

2018-8-17 16:15

The enigma of the Chinese economy is hard to miss. From top tech firms to the most promising blockchain and cryptocurrency start-ups, entry to the Chinese market is a huge strategic step. Ripple, the company behind the xCurrent and xRapid payment platforms and the cryptocurrency XRP, is eyeing this market and hoping to bring its blockchain-based payment technology to the second largest economy in the world.

Ripple “Definitely” Seeks Entry in Chinese Markets

It would be very advantageous for any blockchain company in the world to gain access to the huge Chinese market, and Ripple is no exception. Jeremy Light, vice president of European Union strategic accounts at Ripple, talked to CNBC and said:

“China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.”

Note that Ripple already has a presence in Hong Kong because of an earlier deal with local financial service company LianLian International to power international payments between Europe, China and the US, however, it is currently unclear if the firm is actually using that technology yet.

What Could Ripple’s Plan Be?

As the Chinese government is strictly against the use of digital currencies, Ripple is unlikely to seek adoption of xRapid and it’s native coin, XRP. However its other platform, xCurrent, is not reliant on the cryptocurrency so it is widely expected that this will be the focus of the push. Ripple will likely want to oversee the development and deployment of its blockchain-based solution for faster international remittances, a key activity for several Chinese companies.

Ripple’s technology is unique in terms of architecture as it replaced miners with banks, retailers and traders, who work independently to validate transactions on the network. Over 100 financial institutions have already signed up for their products, including Standard Chartered, UniCredit, UBS and Santander. The Chinese market will open a new world of opportunity for the company, especially as Alipay by Ant Financial and WeChat Pay by Tencent are becoming popular.

The company has already planted its feet firmly in Japan by creating an app called Money Tap, which partners with 61 domestic lenders and helps in round-the-clock-payment settlements in the country. It is also important to note that most banks are interested in the non-cryptocurrency side of Ripple’s tech. Now that the company knows what its clients want, entering the Chinese market could become easier.

China, Ripple’s Number One Priority was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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