Ripple Official Reveals Plan to Enter Chinese Market Via DLT.Aug 16, 2018 at 21:58
Ripple, the blockchain platform which is tied to XRP, the third largest cryptocurrency is planning to enter the Chinese market by applying for the use of its distributed ledger technology (DLT) for cross-border payments.
In an interview with CNBC, Ripple vice president of European Union strategic accounts, Jeremy Light, expressed that they are looking at the possibility of entering the Chinese market to speed up international payments with its DLT.
“China is definitely a country and region of interest,” he noted.
It can be noted that Ripple’s blockchain is known for its intentions to speed up payments processing. At present, its portfolio include financial industry players, UniCredit, Santander and UBS, among others.
Last February, Ripple already attempted to enter the Chinese market by partnering with Chinese payment service provider, LianLian to hasten and lower the cost of cross-border transactions to their customers across the United States, Europe and China.
It can be recalled that the company is still facing legal dilemmas regarding XRP’s proper classification.
One of the most recent lawsuit filed against Ripple was from a California resident, David Oconer in the Superior Court of California, arguing that the company “created the XRP token and then used sales of the tokens in order to fund its operations and the development of the XRP ecosystem” and must therefore be considered as a security.
As of this writing, XRP is valued at $0.29 a piece with a market cap of $11.5 billion.