Ripple Plans to Enter the Chinese Market
Ripple is considering entering the Chinese market to use its distributed ledger technology (DLT) used for cross-border payments. This was reported by the company's executive director in an interview for CNBC. In a telephone interview, Jeremy Light stated that the company has plans to enter the Chinese market in order to speed up international payments using DLT technology.
He noted that the Ripple blockchain was originally designed to speed up the processing of payments, which later were able to attract more than a hundred financial institutions to its network. Despite the fact that Ripple's portfolio includes leading players in the financial market, such as UniCredit, Santander, UBS, the company is likely to face serious competition from local firms offering similar payment solutions.
In February this year, Ripple was already trying to enter the Chinese market, working with the Chinese payment service provider LianLian. The main goal was to offer customers faster and less expensive international transactions through the US, China and European countries.
Not so long ago, Tencent implemented an experimental blockchain for invoices, which allowed the release of China's first digital account for blockchain. This is the only similar project that has been officially approved by the State Administration for Taxes and is focused on comprehensive consumption. It is worth mentioning that in the case of Ripple entering the Chinese market, the number of developments in this direction will increase significantly.