Ripple Looking To Expand in China
Ripple is always seeking to impact the markets it newly enters. Up until now, the company has been very successful on the Asian market. China, however, is one region where Ripple hasn’t quite caught on. But this all may change soon, as the company is confident their payment solution will start gaining more popularity later this year.
Having a strong focus on blockchain-based payments, Ripple is always looking to progress their service. Such service has interested a lot of companies from the Asian continent. Recently, quite a few pilot projects have been developed and launched. Significant remittance service providers have adopted the company’s xRapid solution.
In spite all of this success, China has been not so welcoming to Ripple. But the company hinted that this will change quite soon. Ripple has been talking with regulators, banks, and payment service providers, but momentarily, these talks concerning XCurrent are still in their initial phases, and there may be some waiting involved. XCurrent will certainly bring a lot of changes on the Chinese market in this regard, and if proven successful, this may be the biggest progress for the company to date.
But entering this market will not be facile as China has a pretty walled-off economy, especially concerning external service providers. The company has already experienced some delays with its launch on the Chinese market. Ripple has a different approach regarding how payments should be done, and this vision may or may not sit well with the country’s strict regulators.
For the time being, no further details have been given by Ripple. The company is extremely set on expanding in this market sector, but it is obvious this will not be a smooth ride. The local capital controls and regulatory laws can prove to be two limiting forces that will hinder the advancement of the payment provider. But right now, Ripple is not seeing any of such problems affecting it. It will be interesting to follow the company’s evolution and impact on this segmented market.