Ripple targets China for blockchain based cross border transaction; plans further expansion
Jeremy Light, the European Union strategic accounts’ Vice President at Ripple has expressed the company’s interest in the Chinese market. In an interview with CNBC, Light has stated that China interests Ripple since it can provide assistance to the nation for speed enhancement of cross border payment based on blockchain technology.
According to the report of CNBC, Light has commented, “China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.” In Chinese market, Ripple has already left its mark due to the previously developed partnership between the company and LianLian International. The latter happens to be an established firm providing financial services.
China has imposed a complete ban on cryptocurrency trading, thereby, making it difficult for the firm to convince the Chinese people to adopt XRP tokens. As base currency, the use of XRP would provide an impetus to the speed of transactions at cross border level.
Ripple is currently in an expansion phase with its eye on the markets of Middle East and Asia. The partnership with SBI Holdings and development of banking syndicate has made its presence felt in Japan. It has also entered India by having Kotak Mahindra Bank as a partner.
It has also seen its establishment in a number of nations in the Middle East including its significant association with UAE exchange. In a partnership with Kuwait Finance House, the bank has made a recent declaration about leveraging blockchain technology of Ripple to conduct its first payment transaction.
A product of Ripple which has also experienced a major share of attention is XRP supporting platform called xRapid. MoneyGram and Western Union are few of those organisations that utilise this platform for transferring money. However, in this context, the partial success of the company is due to the services being in a trial mode.
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