Ripple now partnered with China’s E-Commerce Platform For Cross-Border Payments

Blockchain startup has partnered with money transfer service provider LianLian International in order to place the real-time cross-border payments in China.

Ripple Partners with LianLian International

Ripple’s enterprise blockchain product will be adopted by the Hong Kong-based LianLian is going to adopt xCurrent, which is also being advertised by the San Francisco-based firm as an immediate settlement solution.

Emi Yoshikawa, Ripple’s director of joint venture partnerships said:

“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient with RippleNet, LianLian will now be able to provide merchants and consumers with on-demand payments, which they weren’t able to before. We look forward to connecting other RippleNet members to LianLian.”

The partnership can also be considered as the latest evidence of Ripple’s targeted pivot into Asia, which has seen that the organization’s technology adopted in major FinTech markets like Japan and South Korea.

Due to the partnership, more than 100 existing members of RippleNet, the organization’s enterprise blockchain, will be able to get connected with the Chinese market and it is also making RippleNet more attractive and prospective clients.

There is no XRP Integration

The LianLian partnership is not going to include XRP, the native currency of the public Ripple Consensus Ledger (RCL). Ripple says that xRapid, a blockchain product that uses XRP for on-demand liquidity, is less expensive and effective than its other blockchain solutions, most financial institutions have opted to instead connect to RippleNet.

One of the popular companies to adopt XRP is MoneyGram, the world’s second-largest money transfer service recently started using xRapidin an open-ended pilot. Anyhow, MoneyGram afterward confirmed that this pilot program was limited to the company’s internal operations and would not yet be combined into consumer-facing products.