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."
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