Ripple is thinking of breaking into the Chinese market so it can apply its DLT (distributed ledger technology) to cross-border expenditures, a Ripple exec made this known to CNBC on the 15th of August.
The vice president of EUSA (European Union strategic accounts) at Ripple, Jeremy Light, said in a phone conversation that the firm is looking to go into the Chinese market to make use of DLT to speed up international payments. Light stated that “China is certainly a country and area of interest.”
While blockchain happens to be the technology that strengthens crypto, Ripple’s blockchain was initially intended to fast-track the process of making payments, which successively attracted in excess of 100 financial establishments to its network. However Ripple’s collection consists of leading economic industry performers like Santander, UniCredit, UBS and many more, the firm is likely to come against strong opposition such as indigenous fintech companies who are offering payment solutions.
In the month of February, Ripple attempted to go into the Chinese market by getting into a partnership with LianLian, a Chinese payment service provider with the aim of offering less expensive and faster cross-border business transactions to their clients across China, Europe, and the U.S.
Lately, tech giant Tencent applied a pilot blockchain ecological unit for proof of purchase, which empowered the issuance of China’s primary digital proof of purchase on the blockchain. It’s the only pilot to have gotten the official endorsement of SAT (State Administration of Taxation) and has been designed for widespread use by merchants, consumers, and tax authorities.
Ant Financial, the firm behind online and mobile payment firm Alipay, got into “definitive agreements” with their shareholders to clamp down on $14 billion Series C equity financing round in the month of June. The firm planned to re-invest the funds into fast-tracking Alipay’s blockchain and several other ground-breaking technologies with the aim of delivering financial services to underbanked and unbanked clients.