Cryptocurrency Issuer Ripple Enters China Market With LianLian Partnership  Cryptocurrency issuer Ripple has got its foot in the door of the Chinese market by signing a partnership agreement with LianLian International, a Hong Kong-based payment services provider. The deal comes despite the Chinese government’s ongoing efforts to shut down cryptocurrency trading and transactions in that nation. Under the agreement, LianLian will use Ripple’s enterprise blockchain solution, xCurrent, to process real-time cross-border payments into China for merchants and consumers, including invoice payments and e-commerce payments, the companies said in a statement. In a tweet, Ripple CEO Brad Garlinghouse wrote that his company “just opened the door to the largest e-commerce market in the world.” Ripple noted that cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. "With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support," said Arthur Zhu, Chairman of the Board, LianLian International. Ripple is the first one which opend payment network of world , through the network it can transfer any currency whether it's US dollar or RMB. The strength of the network is that the process of paying is simple and quick, and don't have to pay a fee like traditional Banks. Ripple's RippleNet is a decentralized global network of Banks and other financial institutions that is responsible for providing real-time financial transaction confirmation. RippleNet is a payment network to promote cross-border transactions through Ripple block chain technology. Lianlian is an electronic remittance company which be founded in 2003 authorized by the people's bank of China.Through cooperation with Banks, the company is a third-party payment tool for consumers on JD.com e-commerce platform. Whether LianLian users can also access xRapid, Ripple’s payment system based on Ripple’s digital currency XRP, was not mentioned in the press release. However, the company description of Ripple included in the statement says, "Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets." For more information and any assistance, please contact Zetland Shanghai office at [email protected] or +86 21 6427 2930. |
FAQs
Cryptocurrency Issuer Ripple Enters China Market With LianLian Partnership. Cryptocurrency issuer Ripple has got its foot in the door of the Chinese market by signing a partnership agreement with LianLian International, a Hong Kong-based payment services provider.
How many countries is ripple partnered with? ›
Ripple Labs
| Company type | Private |
|---|
| Founded | 2012 |
| Founders | Chris Larsen Jed McCaleb |
| Headquarters | San Francisco, California, , United States |
| Number of locations | 50 countries |
7 more rowsRipple uses XRP (internationally) in its Ripple Payment solutions as a bridge currency. Due to regulatory concerns, Ripple does not use XRP in its U.S.-based liquidity solution transactions, but a Ripple stablecoin is likely to be used when it is introduced.
What is the crypto associated with XRP? ›
Ripple is a money transfer network designed to serve the needs of the financial services industry. XRP is the native crypto token of the Ripple network, and it consistently lists among the top 10 cryptocurrencies by market capitalization.
Who is partnering with Ripple? ›
Ripple
- Our Partners.
- Abbott.
- Deloitte.
- Google.
- HP Enterprise.
- Kaiser Permanente.
- LG.
- Microsoft.
Ripple is a real-time gross settlement system, currency exchange and remittance network that is open to financial institutions worldwide and was created by Ripple Labs Inc., a US-based technology company.
Will Bank of America use Ripple? ›
According to Julie Harris, Bank of America aims to integrate new solutions like Ripple and Swift to offer customers the ability to conduct transactions anytime and anywhere. Recently, TOKI and Progmat have collaborated to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem.
Will Amazon use XRP? ›
Amazon confirms a groundbreaking partnership with Ripple, integrating XRP for payment transactions. Ripple's XRP set to offer faster, more efficient payment solutions for Amazon's global customer base.
Are banks going to use XRP? ›
Ripple (XRP) is a popular choice among banks worldwide. The network's fast transaction speeds, low gas fees, and energy-efficient consensus make it an ideal cryptocurrency for traditional financial institutions.
Will Ripple make me a millionaire? ›
But for XRP to turn a $10,000 investment into over $1 million, it would need to generate a 100-bagger gain. Even the most bullish forecasts fall short of those expectations. Last June, crypto hedge fund manager Thomas Kralow claimed that XRP's price would hit $30 by the end of 2023.
To reach $100, XRP must climb 270 times. At $100, the market capitalization of XRP would be $5.1 trillion. If XRP rose at a 25% annual pace, it would take at least 26 years to hit $100.
Can Ripple overtake Bitcoin? ›
No. XRP will in the long term become the dominant crytpo on the planet, with a market cap which eclipses BTC. It's not a matter of if, but when. While nobody knows the “when” (apart from people who operate behind the curtain, and they're not talking), but I don't think it will be happening this cycle/bullrun.
Can XRP replace SWIFT? ›
XRP is developed as a viable substitute for #swift , with the primary objective of providing expeditious cross-border payment solutions at reduced transaction expenses compared to its industry counterparts.
How high can XRP go? ›
If the crypto market cap hits $3 trillion and XRP retains its current 1.10% dominance, its price could ascend to $0.589 by 2025. In a more bullish scenario of the crypto market surging to $10 Trillion, the price of XRP could soar to a staggering $1.96, resulting in a potential 4x return for investors by 2030.
What is the real world use of XRP? ›
Financial Institutions
Leverage XRP as a bridge currency to facilitate faster, more affordable cross-border payments around the world.
Who are Ripple Energy partners? ›
Our existing supply partners
Plus, if you're with Octopus Energy, M&S Energy, London Power or Sainsbury's Energy, you don't need to switch.
Who are the partners of visa with Ripple? ›
Credit card giant Visa Inc. is acquiring British payments firm Earthport for $250.6 million. Earthport — which provides cross-border payment services to banks and businesses — has been partners with Ripple, the blockchain-based payment network, since 2015.
Who is Ripple partners with Hong Kong? ›
Ripple Labs has launched a new payment platform for a central bank digital currency (CBDC) in Hong Kong. The San Francisco-based payment protocol and exchange network will partner with Fubon Bank, a Hong Kong unit of Taiwan's Fubon Financial Holding Co.
Is Apple a Ripple partner? ›
Related to Does Apple Have A Partnership with Ripple Xrp
Yes, Apple Pay will be running on Ripple's Interledger protocol, which means Ripple's XRP cryptocurrency will start being used by all the mainstream people using Apple. Yes, U.S. residents can now buy Ripple (XRP) using their credit card and Apple Pay.
Cryptocurrency issuer Ripple has got its foot in the door of the Chinese market by signing a partnership agreement with LianLian International, a Hong Kong-based payment services provider. The deal comes despite the Chinese government’s ongoing efforts to shut down cryptocurrency trading and transactions in that nation. 