Expert Blog News

Ripple’s Global Financial Network Cooperates With China-Based Payment Supplier

Some news about our recent coin of the day we wrote about — Ripple.

LianLian International, a China-based payment services supplier, has cooperated with RippleNet in order to offer faster and cheaper cross border transactions to their consumers across the USA, Europe, and China, in accordance with a Feb. 7 announcement on Ripple’s blog.

RippleNet is Ripple’s decentralized global network, that consists of banks and other financial institutions, that manages the real-time confirmations of financial deals.

Brad Garlinghouse, CEO of Ripple, tweeted that Ripple “just opened the door to the largest e-commerce market in the world”:

LianLian will use Ripple’s centralized software payment solution, xCurrent, which is intended to work with financial institutions by allowing banks to confirm payment details in real time before each deal and after each delivery.

LianLian already considers PayPal and Apple as their strategic partners, serving marketplaces like Amazon, Ali Express, and Ebay. In reference to the Ripple partnership, Arthur Zhu, CEO of LianLian, said:

“With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”

Ripple has partnerships with more than 100 financial institutions, most recently partnering in mid-January with Moneygram to speed up fiat payments.

The RippleNet and LianLian partnership takes place at a time when China has been increasing crypto regulation, removing crypto-related ads on social media and search engines and banning foreign exchanges on top of the earlier domestic exchange limitation.