Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   1566

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.
 

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.

Bitso to Expand to Latin America With Investors Help

The amount of financing, attracted by the most popular Mexican exchange from the Coindesk and Ripple, isn't reported
15 October 2019   101

Mexico's leading cryptocurrency exchange Bitso has attracted funding from industry-famous investors to expand its operations in Latin America. The amount of investment is not disclosed, reports The Block.

The financing round was led by fintech company Ripple, also the largest US cryptocurrency company Coinbase took part in it. In addition, the participants in the round were Digital Currency Group and Pantera Capital, who had previously invested in the exchange.

Bitso has been operating in Mexico since 2014 and claims to serve 750,000 users in the country. The exchange intends to use the raised funds for business expansion primarily in such large countries as Argentina and Brazil.

Among other economic difficulties, a number of Latin American states are facing currency crises. In Argentina, the government, for example, imposed restrictions on the purchase of foreign currency, trying to stop the fall of the peso. Brazil's economy has fallen into recession due to high unemployment, declining investment and a global recession.

Against this background, cryptocurrency activity is growing in the region.

Weekly LocalBitcoins Volume in Argentina (USD)
Weekly LocalBitcoins Volume in Argentina (USD)

In Argentina, weekly volumes of bitcoin transactions on the p2p platform LocalBitcoins jumped to almost $ 196 thousand. In Brazil, this figure reached $ 307 thousand.