Ripple ‘definitely’ wants to target China with its blockchain-based payments tech, exec says
Expert: In my opinion, Ripple moves in the right direction, providing its innovative solutions to such a tech savvy country.
Randy Turner, expert and crypto journalist:
The financial solutions firm in the cryptocurrency sphere Ripple has taken a new step to expansion on the Chinese market. Its solution for China will be designed for international financial transactions. The report is provided by CNBC.
The vice-president of European Union strategic accounts at Ripple Jeremy Light emphasized that China is very interesting and important region for the company. To remind, earlier this year, Ripple partnered with a Hong Kong-based financial services firm LianLian International with aim to expand the latter’s financial activities beyond the country’s borders. They developed xCurrent, an international payment system.
The first announcement of initiation of bigger plans for China expansion was in March this year. Back then, Ripple’s head of ASEAN department Sahar Sabkhai reported that the company was actively negotiating with governmental authorities and banks of China, settling legislative ground, and performing advocacy on the payment technology advantages among the necessary audiences.
Initially, Ripple's system based on distributed register was designed specifically to provide fast international payments. The company has more than 100 financial partnerships, including UniCredit, UBS and Standard Chartered.
However, the company has been sued and accused in obscure operations with money several times - just like many large cryptocurrency companies nowadays. Three actions has been filed already against Ripple Labs accusing the company in manipulations with the XRP price. One of the actions was denied by the Court of the Northern District of California.
In my opinion, Ripple moves in the right direction, providing its innovative solutions to such a tech savvy country. Regardless the accusations, Ripple is one of the leading blockchain companies in the world. It is also good that Chine, whose regulations regarding crypto are one of the strictest in the world, starts adopting blockchain solutions for global operations with a known and reliable firm leading the way.
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