The VP of EU strategic accounts of Ripple Inc. – Jeremy Light – says that the firm is now targeting China and its large population for its suite of international settlement solutions. In an interview with CNBC, Jeremy Light said that “China is definitely a target, it is definitely a region and country of interest.”
Although the country is a big advocate of blockchain technology, it shut down domestic trading, banned local digital currency trading platforms and banned ICOs late last year.
The Aim of Ripple
The focus of Ripple Inc. would “improbably be on pushing the adoption of XRP (XRP), as Beijing has fastened the trading of digital currencies.” The blockchain-based payment platform will have to direct more of their attention to financial institutions and banks all over the nation to adopt its technology.
The firm already has intentions to pioneer cross-border settlements between the United States of America, Europe, and China via a recent partnership with LianLian – a very popular financial institution based in Hong Kong.
It is not yet clear whether the financial institution – LianLian – has started utilizing the technology of Ripple Inc. or if it wants to use xRapid, a real-time payment technology of Ripple that uses XRP (XRP) – the third largest digital currency in the world by market cap.
Over one hundred firms have signed up to the network of banks and payment platforms of Ripple. Most of those firms are focused on using the xCurrent of Ripple, which is designed to carry out payments across the globe without necessarily using XRP.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP is worth $0.2815 in the market after losing about 1 percent of its value over the past twenty-four hours. The current market cap of the coin is $11.05 billion and its trading volume over the past twenty-four hours is $283.94 million.