While the focus of investors lies on the status of XRP as a security as declared by the United States Securities and Exchanges Commission, Ripple is moving forward with its plans of building a global remittance network. In a recent interview, Jeremy Light, the company’s Vice President of European strategic accounts, said that China is a target for the company currently.
The company has established a presence in China previously, as they are in a partnership with LianLian International, a financial services firm based out of Hong Kong. Light said to CNBC:
“China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.”
However, with China’s blanket ban over the trading of cryptocurrencies, it is unlikely that Ripple will be pushing the adoption of their xRapid technology. This solution by Ripple utilizes XRP as a base currency to enable fast cross-border payments. They are more likely to pitch xCurrent, their interbank messaging solution based on RippleNet.
This also marks the next big step for Ripple into one of their most sought-after markets, with expansion plans into Asia and the Middle East slowly taking place. The company already has an established name in the Japanese space after partnering with SBI Holdings and forming a consortium of banks. Notably, they also created an app known as MoneyTap to allow for easier payments around the clock between banks.
The payments firm has also made moves into the Indian market through a partnership with Kotak Mahindra Bank. They have mentioned in the past that they already have 50% of India’s market in the pipeline.
Ripple also has various connections with various Middle Eastern countries, with giants such as UAE Exchange signing up with them. They have also partnered with Kuwait Finance House, with the bank recently announcing that they have completed the first transaction using Ripple’s technology. The settlement was with Al Rajhi, another bank in UAE.
Overall, this is another notch on Ripple’s belt, as they have signed upwards of 100 customers worldwide. This includes names such as Santander, UBS, Standard Chartered and UniCredit. Moreover, companies such as MoneyGram and Western Union have shown interest in the xRapid platform.
Jan Yakira, a cryptocurrency enthusiast, said:
“When the market for XRP is down, it is easy to forget that Ripple is still making moves behind the scenes to enable their vision. Brad Garlinghouse himself has said that the market for Ripple is not the short-term investor-speculator market, but banks. Considering the amount of clients Ripple has signed until this point, I would say they are making strong progress towards their goals.”
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