According to an executive of ripple, it is very much interested in targeting the Chinese market. As it currently provides blockchain-based payment solutions, the main aim of Ripple is to speed up the payment ecosystem. It has done so in numerous countries all over the world. Moreover, more and more companies are signing up with ripple in order to use their blockchain.
According to Jeremy light, Vice President of European Union Strategic Accounts at Ripple, they are definitely interested in pursuing the Chinese market. It is a region of interest which they are looking at.
Also, they have already tied up with the financial company based in Hong Kong by the name of LianLian International. The company will be targeting the Chinese market in providing the Chinese citizens with the options to opt for cross-border payments as well. It will be using the technology of the ripple blockchain.
With the help of blockchain technology, such payments can be initiated and completed within seconds. That is why sending money anywhere around the world will become much easier as well. Also, Ripple is trying to encourage the usage of its cryptocurrency XRP as well. This is one of the main reasons why Ripple is promoting the blockchain-based payment solutions.
Currently, more than 100 financial institutions have signed up with Ripple. This is one of the main reasons why the payment solutions of Ripple are being used in full swing as well.
Also, Ripple has created an application by the name of Money Tap in Japan. Over 61 different domestic lenders have signed up with the application. The aim of this application is to provide round-the-clock payment system to the banks for settlement. This ensures that there will be no dearth of liquidity at all.
In most of the cases, even if the banks are signing up with ripple, for the blockchain-based payment solution. There is very little interest in using the XRP token. That is why the usage of XRP token is still lagging behind. On the other hand, the usage of the blockchain is increasing at a rapid pace.
It remains to be seen how much traction, Ripple actually gains in the Chinese market. From the looks of it, they are interested in pursuing the Chinese market in order to gain a dominant position all over the world in the cross-border payments market. Whether it is able to achieve this or not with the help of the Chinese market is a different matter altogether.