Ripple Looking into China for Cross-Border Payments

Jeremy Light, Ripple’s VP of EU strategic accounts, says the couple is looking at getting access to the 1.3 billion population of China and providing its suite of cross-border payment solutions.

Ripple’s VP told CNBC during an interview:
“China is definitely of interest. It is definitely a target…China is definitely a country and region of interest.”
While China has put a lot of effort behind blockchain technology, with many cities in China also generating funding towards providing blockchain technology for the public, the country has taken a different stance on cryptocurrency. The country has prohibited domestic trading, impeded local crypto exchanges, and banned initial coin offerings (ICOs) at the end of year.

While Ripple will most likely avoid marketing its XRP to users, as Beijing has shut down trading of virtual currencies. With the ban in place, the company will go for banks and financial institutions across China to integrate its services. Ripple has already created a partnership with LianLian, a Hong Kong-based financial institution, putting Ripple’s plan to provide international payments between China, Europe and the US.

Currently over one hundred companies have signed up to Ripple’s network of banks and payment platforms. The companies are aimed at using Ripple’s xCurrent, which allows the settlement of payments globally without the need to use XRP.