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Ripple Targeting China Next with xRapid and xCurrent

Ripple Targeting China Next with xRapid and xCurrent

Jeremy Light, Ripple’s VP of Eu strategic accounts says that the company’s next target is China and its demanding population for cross-border payment solutions. Although China is already a blockchain-believers, the country has banned domestic trading and shut own local crypto exchanges. They also banned ICOs last year  in 2017.

“China is definitely a country and region of interest” he reported in an interview with CNBC. “China is definitely of interest. It is definitely a target.” Light has already expressed interest in the region due to its massive audience who need a solution to their payment problems and Ripple’s technology possibly being a working solution.

Ripple’s focus would “unlikely be on advancing the adoption of its cryptocurrency” as Beijing has already halted all trades, including XRP. Ripple wants to go after banks and financial institutions across the country to take in its technology.

The company already plans to offer international payments to China, Europe, and the US through a partnership with LianLian, which is a Hong Kong-based financial institution. It’s not clear whether or not they’ve already started using Ripple’s tech, or if it plans to use xRapid- their proprietary real-time settlement tech that utilizes XRP.

Over 100 companies have already signed up to use Ripple’s network of payment platforms and banks, with the majority being interested in xCurrent, their worldwide payment exchange without the need for XRP.

 

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