Adoption is something that can revitalize the price of cryptocurrencies. Over the past months, Ripple has been partnering with different companies. Ripple has been able to momentarily take the second spot from Ethereum on different occasions already. And one of the reasons is that Ripple’s xRapid. This product is said to help solve cross-border transactions.
It’s no secret that Ripple worked with different banks and even companies hoping to make cross-border transactions simpler and easier.
But it is possible that Ripple will also make its way towards China. It’s no secret that China has an anti-crypto stance. It has banned crypto exchanges and even prohibited hotels and malls from hosting crypto-related activities. So how can Ripple potentially enter the Chinese market?
American Express Entering the Chinese Market
American Express has announced that it is going to enter the Chinese Market. What made them interested? The Chinese market is predicted that it could potentially be the biggest card payments market by next year.
American Express as partnered with LianLian Group. It is going to be the first venture to process payments in the country aside from the state-controlled UnionPay network. It is also worth mentioning that Ripple has partnered with LianLian Group and American Express and are part of RippleNet. The vision of American Express is to help both small and medium-sized businesses when it comes to moving money. LianLianPay became interested in partnering with Ripple because of the 150 million registered customers in their platform.
Both members, according to Dr. T who is a crypto influencer, have needs for cross-border payments. It is possible to open up the full-fledged use of RippleNet. There is a feature known as multihop. According to Craig DeWitt who is the Director of Product at Ripple: “Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past”.
Ruling Out The Possibility of xRapid?
Considering the strict rules and regulations in China when it comes to cryptocurrencies, could this mean that the adoption of xRapid is not happening soon? However, China is quite open-minded when it comes to the use of blockchain and DLT. Ripple utilizes this via their xCurrent and xVia products.
Ripple Looking to Solve Cross-Border Transactions
Ripple has been looking to solve cross-border transactions as it partnered with different banks and institutions. The xRapid is just one of its products hoping to “bridge” fiat and cryptocurrencies. Ripple has already partnered with Western Union and Ripple.
It has also recently announced that it is looking to dive into the Philippine market in order to cater to the overseas workers sending money to their loved ones.
There have been a great number of developments on the end of Ripple. That is despite the fact that Ripple has experienced a number of lawsuits claiming that XRP is a security. Getting adopted by businesses and banks is a big deal. Could this be the future of Ripple?