Ripple, which has been working on setting up a global network of international payments over blockchain, is now eyeing China as their next big market. The company, which has been focusing on the US, Japan and the Middle East of late, is particularly looking forward to pitch more blockchain projects in China.
Despite the ban on cryptocurrencies in China, blockchain-based businesses are thriving in the nation. China is even developing ‘supercities’ where a lot of the infrastructure would be powered and run by blockchain-based smart contracts! Ethereum and NEO are among some of the most popularly used blockchain technologies in the country and Ripple too, wants to make its mark felt.
In a telephonic interview with CNBC, Jeremy Light, VP of European Union strategic accounts at Ripple, confirmed this by saying
“China is definitely of interest, it is definitely a target.”
While Ripple is yet to make any significant strides into China, the company has teamed up with players in Hong Kong, such as LianLian International, a financial services firm. Even if Ripple were to advance into the country, it is highly unlikely that they would pitch anything other than their primary offering, which has been that of assisting financial institutions and banks at facilitating cross-border payments.
Ripple is working with many names in Asia of late. The company teamed up with 61 banks in Japan to form the Money Tap app, which allows banks to settle payments instantly over the blockchain network.
Much of what Ripple has to offer in terms of financial technology is with the help of their ‘xCurrent’ platform, which does not make us of the XRP cryptocurrency. The same product is likely to be pitched in to Chinese financial institutions as well – given the crypto ban in China will not permit them to use their XRP based platform, xRapid.
