Chinese Payment Service LianLian Joined RippleNet

According to Ripple, joining LianLian to the network will allow existing members of RippleNet to enter the Chinese market
08 February 2018   998

The Chinese payment service LianLian has joined RippleNet, a payment network that uses Ripple's blockchain for international transactions. This is reported by CoinDesk.

LianLian Pay will use the xCurrent solution from Ripple, which will help the service to perform cross-border transfers within one day. It is worth noting that xCurrent, unlike xRapid, does not use the XRP crypto currency.

With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support.
 

Arthur Zhu,

CEO, LianLian International

According to representatives of Ripple, joining LianLian to the company's network will allow existing members of RippleNet to enter the Chinese market.

LianLian was founded in 2003 and operates with the permission of the People's Bank of China. Among other things, the company provides tools for accepting payments to online retailers, including JD com.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   424

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…
 

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.
 

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.