Ripple wants to target the Chinese market with its distributed ledger technology designed to speed up cross-border payments, an executive at the firm told CNBC.
"China is definitely of interest, it is definitely a target," Jeremy Light, vice president of European Union strategic accounts at Ripple, told CNBC in a phone interview. "China is definitely a country and region of interest." Earlier this year, the blockchain company struck a deal with Hong Kong-based financial services firm LianLian International, aimed at powering the latter's cross-border transactions between China, the U.S. and Europe. It is not clear whether Ripple's technology is being deployed by LianLian yet. Blockchain, also known as distributed ledger, is the technology that underpins cryptocurrencies like bitcoin. It records transactions across multiple locations, rather than one centralized server. Ripple's distributed ledger technology is different to bitcoin's, however, as transactions are validated by a network of independent servers — owned by banks, retailers and traders — rather than the "miners" that validate transactions on bitcoin's public blockchain network. If it were to seek an entry into the Chinese market, Ripple's focus would unlikely be on advancing the adoption of its cryptocurrency, XRP, as Beijing has clamped down on the trading of virtual currencies. China last year banned initial coin offerings (ICOs), a controversial means of financial technology start-ups raising funds through the sale of new digital tokens.
Ripple’s (XRP) is up 9.2% over the past 24 hours and is currently trading at $0.288325 USD
XRP had a 24 hour low of $0.263668 and a high of $0.301701
XRP is the 3rd largest cryptocurrency by market cap size
XRP currently has a marketcap of $11,331,427,676 USD
Its 24 hr trading volume is approximately $348,277,130 USD
It has a circulating suppy of 39,315,683,476 XRP
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
Ripple's (XRP) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com and it can be bought with cryptocurrency on exchanges such as CoinEx, Binance, and HitBTC.
Click here to open an account at CEX.io and to buy XRP with your credit or debit card