Ripple Aims to Expand in China Later This Year
Ripple is always looking to make an impact in new markets. So far, the company has seen great success throughout most of Asia. China has been one region where the company hasn’t made much of an impact just yet. That situation may soon change, as the company is confident their payment solution will gain traction in this market later this year.
It is always good to see how Ripple wants to progress their service. A strong focus on blockchain-based payments should not be overlooked by any means. This service has been of great interest to quite a lot of companies in Asia. Several pilot projects have been launched in recent months. We also see major remittance service providers embrace the company’s xRapid solution as of right now.
Despite all of this success, China has not been a good market for Ripple as of yet. According to the company, that will change very soon. Ripple is in talks with regulators, banks, and payment providers. For now, these talks regarding XCurrent are still in the early stages. It is a lengthy process, but we will have to wait and see how things play out. Bringing XCurrent to China will certainly introduce a lot of changes in this regard. If successful, this may be the biggest development for the company to date.
Entering this new market will not be all that easy. China is a walled-off garden when it comes to an external service provider. The company has already faced some delays in launching in China as of right now. Informally engaging with the respected entities is a big first step in this regard. Ripple has a different vision when it comes to how payments should be handled. Whether or not the local regulators see merit in their product, is a different matter altogether.
For now, no further specifics were unveiled by Ripple. The company is bullish on their expansion plans, but it is evident things will not go smoothly. Especially the local capital controls can prove to be somewhat of a limiting factor moving forward.For now, it seems that problem has not arisen as far as Ripple is concerned. An interesting future lies ahead in this regard, that much is rather evident.
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