Ripple is setting its eyes on the Chinese market to apply its distributed ledger technology (DLT) to cross-border payments, an executive at the firm shared with CNBC on Wednesday.
In a phone interview, Ripple Vice President of European Union strategic accounts Jeremy Light said:
“China is definitely a country and region of interest.”
According to him, the company is looking to enter the Chinese market to accelerate international payments with its DLT.
Ripple’s blockchain was originally designed to accelerate payments processing. It eventually attracted over 100 financial establishments signed up to its network such as Santander, UniCredit, UBS and Standard Chartered.
However the company faces strong competition of local fintech firms that offers similar payment solutions. China on the other hand is home to several fintech firms Chinese consumers love which includes Ant Financial’s Alipay and Tencent’s WeChat.
Ripple’s cryptocurrency offering hasn’t quite caught the interest of most banks and financial firms yet. However, it is popular for its digital token used in bridging payments from one currency to another.
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