Ripple Penetrates Chinese Market Through LianLian

What You Need To Know

Chinese money service company LianLian International will use RippleNet’s xCurrent blockchain-based settlement solution for transactions between China, the U.S. and Europe.

The agreement allows LianLian to receive real-time, international invoice and e-commerce payments, as well as remittances.

Why It’s Important

The partnership expands Ripple’s network of more than 100 financial institutions and exposes the cryptocurrency issuer not only to LianLian’s billions of dollars in annual business-to-consumer transactions, but also to greater China.

RippleNet is already used in Japan, South Korea, Thailand and India.

“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017,” Emi Yoshikawa, director of joint venture partnerships at Ripple, said in a press release. “There is a huge opportunity to make these payments quicker and more cost-efficient.”

What’s Next

LianLian works with the likes of Amazon.com, Inc. AMZN, Alibaba Group Holding Ltd BABA’s AliExpress and eBay Inc EBAY, and it has strategic partnerships with Paypal Holdings Inc PYPL and Apple Inc. AAPL.

Ripple may leverage this exposure to further its development of the Internet of Value.

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