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.
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.