Ripple announces its plans to expand to the Chinese market

Ripple announces its plans to expand to the Chinese market

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Answer Ripple announces its plans to expand to the Chinese market

Ripple is one of the most controversial companies in the cryptocurrency world. Its business philosophy, as well as the software for the project, has attracted a great deal of controversy in the crypto community between supporters and opponents of the company.

Ripple is a real-time financial settlement system that aims to be used to transfer currencies and funds within a network created by Ripple Labs Inc. It is a technology company that provides an open source protocol on the Internet, and is based in the United States of America.

The company has built an important name for itself in the financial business environment thanks to a series of strategic partnerships with a number of payment processors and central banks around the world.

Read:Cardano Founder Describes Bitcoin Blockchain as Unsuitable for Innovation and Creativity

Earlier this year, Ripple Inc. struck a partnership that could represent a significant opportunity to expand into Asian markets by allowing Hong Kong-based financial services company LianLian International to use the Ripple platform to process international payments.

In a previous interview with Jeremy Light, Vice President of Ripple in the European Union, with CNBC, he mentioned that the company is seeking to expand its services to China and definitely sees the region as attractive and interesting.

China and digital currencies

Last year, China blocked ICOs as a measure to stem the tide of unconventional funding for startups that would be unable to comply with Chinese regulations and stop online fraud.

But Ripple has managed to attract the attention of more than 100 financial institutions around the world, and many of these companies have direct relationships in China such as Western Union and UPS.

However, China is one of the leading countries in payment processing platforms such as those offered by AliPay and WeChat but lacks the applications of blockchain technology.

In the event that Ripple occupies a major role in the Chinese market, it is expected that this will reflect positively on the volume of transactions within the company in the future.

Read:Kraken reveals security flaws in a large number of US Bitcoin ATMs

It is worth noting that Ripple and its symbol (XRP) It is ranked third by Coinmarketcap with a market size of over $13 billion, and the price of one token (XRP) at $0.33.

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