Tencent, the $500bn Chinese tech firm is ready to invest on Ripple technology

Hong Kong – Tencent, the chinese tech giant that bought stakes in Snapchat, Tesla, Spotify and owns popular message app Wechat is ready to invest on Ripple technology.

Ripple, at the moment of writing, is closing several deals with banks, according to its CEO. Many good news are coming from Europe and US, where Ripple and its management are trying to show the potential of Ripple’s products with interviews, close door meetings and fintech conferences, but the real big news comes from Asia and specifically from Hong Kong where on monday, according to multiple sources that attended the meeting, the senior management of Tencent and its board of directors approved an offer for Ripple technologies.

At the moment the price of Ripple (XRP) is 0,75 USD.

The topic of the discussion is the possibility that Tencent can invest money on Ripple (XRP), buying a huge stake (10-15%) and get the exclusivity on the asian market.

According to our source, Tencent will offer 2 billion dollars that will convert in XRP in the next 12 months. The first billion in early days of July. The plan of Tencent is to integrate Ripple technologies on its Wechat and start a tech war against Alibaba and Amazon on mobile payments.

xVia, Ripple’s product for payments, now limited to corporates, payment providers and banks is the tool that Tencent would use on its products opening the technology for the mass market.

In January, Tencent Holdings Ltd. sold $5 billion bonds, the company’s biggest U.S. dollar offering and the first time it’s issued debt since 2015 and according to Moody’s rating its financial situation is m-h quality.

The Chinese giant is ready to present the offer in the next coming weeks. We requested for a comment but we didn’t get a reply.

We will keep you posted for more news about the deal.