Ripple Ropes in Partner for Cross-Border Payments to China

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
February 7, 2018

Blockchain startup Ripple has inked a partnership with money transfer service LianLian International to process real-time cross-border payments into China.

Ripple Inks Deal with LianLian International for Cross-Border Payments to China

Under the terms of the deal, the Hong Kong-based LianLian will adopt xCurrent, Ripple’s enterprise blockchain product, which the San Francisco-based firm advertises as an instantaneous settlement solution.

“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,” said Emi Yoshikawa, Ripple’s director of joint venture partnerships. “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 is the latest evidence of Ripple’s targeted pivot into Asia, which has seen the company’s technology adopted in major fintech markets such as Japan and South Korea.

As a result of the partnership, the more than 100 existing members of RippleNet, the company’s enterprise blockchain, will be able to connect to the Chinese market, making RippleNet even more attractive to prospective clients.

No XRP Integration

Notably, though, the LianLian partnership will not involve XRP, the native currency of the public Ripple Consensus Ledger (RCL). Though Ripple says that xRapid, a blockchain product that uses XRP for on-demand liquidity, is more cost-effective and efficient than its other blockchain solutions, most financial institutions have opted to instead connect to RippleNet.

The most high-profile company to adopt XRP is MoneyGram, the world’s second-largest money transfer service, which recently began using xRapidin an open-ended pilot. However, MoneyGram later clarified that this pilot program was confined to the company’s internal operations and would not yet be integrated into consumer-facing products.

In January, two other international payment providers adopted xRapid, and Ripple CEO Brad Garlinghouse has suggested that more firms will join the network in 2018.

Featured image from Shutterstock.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter or email him directly at josiah.wilmoth(at)ccn.com.