Ripple is considering China market for its DLT technology

Friday 17 August 2018 07:39 CET | News

Ripple has allegedly begun considering breaking into the Chinese market to apply its distributed ledger technology (DLT) to cross-border payments.

While blockchain is the technology that underpins cryptocurrencies, Ripple’s blockchain was initially designed to accelerate payments processing, which subsequently attracted over 100 financial establishments to its network. Though Ripple’s portfolio includes leading financial industry players like UniCredit, Santander, UBS and others, the company is likely to face strong competition of local fintech firms offering payment solutions.

In February, Ripple made an attempt to enter the Chinese market by partnering with Chinese payment service provider LianLian in order to offer faster and less expensive cross-border transactions to their customers across the US, Europe, and China.

Recently, tech giant Tencent implemented a pilot blockchain ecosystem for invoices, which enabled the issuance of China’s first digital invoice on blockchain. It is the only pilot of its kind to have received the official approval of the State Administration of Taxation, and has been designed for comprehensive use by consumers, merchants and tax authorities.

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Keywords: Ripple, DLT technology, blockchain, digital invoice, cryptocurrencies
Countries: World