Cryptocurrency
Ripple ‘definitely’ wants to target China with its blockchain-based payments tech, exec says via @CNBC
CNBC reports, “Ripple wants to target the Chinese market with its distributed ledger technology designed to speed up cross-border payments, an executive at the firm told CNBC. “‘China is definitely of interest, it is definitely a target,’ Jeremy Light, vice president of European Union strategic accounts at Ripple, told CNBC in a phone interview. ‘China […]
CNBC reports, “Ripple wants to target the Chinese market with its distributed ledger technology designed to speed up cross-border payments, an executive at the firm told CNBC.
“‘China is definitely of interest, it is definitely a target,’ Jeremy Light, vice president of European Union strategic accounts at Ripple, told CNBC in a phone interview. ‘China is definitely a country and region of interest.’
“Earlier this year, the blockchain company struck a deal with Hong Kong-based financial services firm LianLian International, aimed at powering the latter’s cross-border transactions between China, the U.S. and Europe. It is not clear whether Ripple’s technology is being deployed by LianLian yet.
“Blockchain, also known as distributed ledger, is the technology that underpins cryptocurrencies like bitcoin. It records transactions across multiple locations, rather than one centralized server. Ripple’s distributed ledger technology is different to bitcoin’s, however, as transactions are validated by a network of independent servers — owned by banks, retailers and traders — rather than the ‘miners’ that validate transactions on bitcoin’s public blockchain network.
“If it were to seek an entry into the Chinese market, Ripple’s focus would unlikely be on advancing the adoption of its cryptocurrency, XRP, as Beijing has clamped down on the trading of virtual currencies. China last year banned initial coin offerings (ICOs), a controversial means of financial technology start-ups raising funds through the sale of new digital tokens.”