Ripple Blockchain Network Adds China Payments Privider

Stock NEws/Cryptocurrencies

Express News

By Express News Desk|Updated: February 07, 2018

Chinese payment service provider LianLian is joining RippleNet, the payment network that utilizes Ripple’s blockchain innovation to assist in cross-border transactions.

Revealed on Feb. 7, the news will see LianLian Pay adopting Ripple’s xCurrent solution in an effort to bring same-day, cross-border deals onto a blockchain for its existing customers. The product varies from Ripple’s xRapid solution, which, unlike xCurrent, utilizes the business’s custom cryptocurrency XRP.

Arthur Zhu, CEO of LianLian, stated in a statement:

” With RippleNet, we will further enhance that experience by using customers immediate, blockchain-powered payments across the 19 currencies that we presently support.”

Inning accordance with Ripple, the collaboration with LianLian will enable existing RippleNet members to get in touch with the Chinese market.

Formed in 2003, LianLian is an electronic remittance firm with authorization from the People’s Bank of China. Through partnerships with banks, the firm operates as a third-party payment tool for consumers on e-commerce platforms such as JD.com.

With the news, LianLian ends up being the latest member of RippleNet, which inning accordance with a previous CoinDesk report, now has over 100 customers using its xCurrent option.