Ripple is considering breaking into the Chinese market to apply its distributed ledger technology (DLT) to cross-border payments, a Ripple executive told CNBC August 15.
Jeremy Light, vice president of European Union strategic accounts at Ripple, said in a phone interview that the company is looking to enter the Chinese market to speed up international payments with its DLT. Light said that “China is definitely a country and region of interest.”
While blockchain is the technology that underpins cryptocurrencies, Ripple’s blockchain was initially designed to accelerate payments processing, which subsequently attracted over 100 financial establishments to its network. Though Ripple’s portfolio includes leading financial industry players like UniCredit, Santander, UBS and others, the company is likely to face strong competition of local fintech firms offering payment solutions.
In February, Ripple made an attempt to enter the Chinese market by partnering with Chinese payment service provider LianLian in order to offer faster and less expensive cross-border transactions to their customers across the U.S., Europe, and China.
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