Talk to anyone in the cryptocurrency sector about Ripple and you’ll be met with some pretty negative responses – just look at the recent Bill Clinton announcement should you need proof. XRP is looked down upon more often than not, with most arguing that it’s more of a security than a digital currency. It’s hard to argue against that in all honesty, as the pessimism attached to Ripple and XRP is in many ways warranted.
Despite the heavy criticism, it still continues to push forward, to the point where it has the third-biggest market cap of the entire cryptocurrency sector. Ripple’s is now looking to make a massive global impact, as it’s confirmed rumors that it’s targeting the Chinese market, with it looking to bring its blockchain payment technology to The Red Dragon.
Banking on China
Speaking to CNBC, Jeremy Light (Ripple European Union Strategic Accounts VP) said, “China is definitely of interest, it is definitely a target.“ It’s very clear that Ripple has China in its crosshairs, especially when you consider that CEO Brad Garlinghouse feels that Bitcoin is “controlled by China.” It appears that there was much more meaning to Ripple’s business dealings in the Far East than most probably envisioned.
Just a few months ago Ripple signed a deal with LianLian International – a Hangzhou-based financial institution. This partnership is designed to improve cross-border transactions between China and the rest of the world. Initially, very little was known about the partnership – with it making minimal headlines as a result – but now its intentions are much clearer. Ripple has its sights set on China, with it having obvious plans for the far-flung nation from the Far East.
Anti-Crypto, Pro-Progress
China’s anti-cryptocurrency stance is well-documented by this point, even if the country still has a very strong underground interest in the digital currency market. Ripple is able to bypass this blanket dislike. It presents itself not as a crypto product, but instead for its distributed ledger technology that is aimed at aiding larger financial institutions. The Chinese market leaves razor-thin margins for error, so if it were to enter this space XRP would take a backseat, as Ripple would likely focus on its blockchain technology advancements instead.
XRP Continues to Struggle
Let’s be brutally honest, XRP as hasn’t exactly commanded attention lately – most investors, banks, and financial firms simply aren’t interested in it. What they are interested in however is the underlying technology behind it, as Ripple’s tech has the potential to save banks and financial institutions both money and time. Because this is the case, we’ve already seen various lenders agree deals to use xCurrent, a Ripple product that’s settling payments instantly around the world. The interest doesn’t stop there either, as money transfer firms have been taking an intense look at xRapid – with the likes of MoneyGram and the expectedly anti-crypto Western Union being admirers.
Will Ripple Ride The Red Dragon?
Ripple’s network seems to be on a consistent path of growth. It currently has 100 financial institutions registered to its network, but just one of those Is Chinese. While the company has a long way to go if it wishes to make an imprint on the Chinese market, Ripple is certainly not shying away from the challenge. Pushing its products in the Far East, expect to hear more on Ripple’s attempts to conquer China in the weeks and months to come.
