Ripple intends to enter the Chinese market with their distributed ledger technology (DLT), which is designed to accelerate international payments. Ripple CEO Jeremy Light announced this in an interview with CNBC, having added that:
"China is definitely interesting to us as a country and as a region."
In general, blockchain is a technology that underlies cryptocurrencies, but Ripple's blockchain was originally developed to speed up the payments processing. Already more than 100 financial institutions use it to improve their services, including giants such as Santander, UniCredit, UBS and Standard Chartered.
In February of this year, Ripple entered into a contract with a major financial firm of Hong Kong LianLian International. The company intends to use xCurrent to create a system of international payments.
In Japan, Ripple has managed to launch Money Tap financial application for smartphones – more than 60 local banks and financial companies have joined the project. With this application, the transactions of banks' customers will be processed 24 hours a day, seven days a week.
Well, Ripple is very likely to reach the Chinese market, but it will have to outstrip such competitors as Tencent and Ant Financial, who offer similar products (WeChat Pay and AliPay), which have already won a huge audience.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account