Ripple has numerous partnerships around the world and has a huge network. In a recent interview, an employee of Ripple said that the China market is another milestone that is soon to be targeted.
Ripple is thinking about entering one of the largest markets in the world, China. Jeremy Light, vice president of strategic governance for the European Union at Ripple, said in a telephone interview to CNBC that China market is a huge potential market:
China market is definitely of interest. It is definitely a goal. China is definitely a country and a region of interest.
Although China is a big fan and supporter of blockchain technology, it banned domestic trading in digital currencies earlier this year and closed many crypto exchanges and banned ICOs.
Ripple will approach banks and financial institutions to introduce xCurrent software technology. Here, the focus will not be on using XRP, but the company’s own cross-border payment solution:
[It is] unlikely that the introduction of its cryptocurrency, XRP, will be promoted, as Beijing has restricted its trading in virtual currencies.
In February Ripple entered into a partnership with the payment service provider Lianlian one whose customers can offer quick and convenient cross-border credit transfers. LianLian announced that it would use xCurrent to handle transaction processing between China, the United States and Europe.
The second software solution of the company xRapid, which uses the native cryptocurrency XRP, is already being used by financial heavyweights MoneyGram and Western Union. Both are currently testing xRapid before it can eventually come to full coverage.
It remains to be seen what further steps Ripple Labs will undertake to break into the fiercely contested Chinese market.
The price of Ripple (XRP) shows a slight increase of + 0.49 percent at the time of writing to a price of 0.28 dollars. With a market capitalization of just under 10 billion dollars, XRP ranks third in the world’s largest cryogenic currencies.