According to an executive at Ripple, the distributed payments service provider has its eye on expanding operations into the Chinese market. Jeremy Light, Ripple’s vice president of European Union strategic accounts, spoke with CNBC by phone yesterday, during which time he confirmed the company’s interest in expanding into China.
According to Light, Ripple is looking closely at China as part of an ongoing effort to streamline and speed up international payments using its distributed ledger technology (DLT). “China is definitely a country and region of interest,” he said.
In February of this year, Ripple began making inroads into the Chinese market by entering into a partnership with Hong Kong-based LianLian International. The financial services company planned to utilize Ripple’s technology to facilitate faster and cheaper cross-border transactions to its customers in China, the US, and Europe.
Even with its latest partnership, however, Ripple’s entry into the Chinese market is likely to be an uphill climb. China is home to numerous fintech firms and there are several existing payment apps – like Ant Financial’s Alipay and Tencent’s WeChat Pay – that already have a growing and loyal user base among Chinese consumers.
To realistically compete, Ripple will have to bring something extra to the table. Investors and enthusiasts waiting for XRP to “moon” shouldn’t start planning their retirement just yet. Read more from livebitcoinnews.com…
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