Ripple, the San Francisco-based distributed ledger startup behind the XRP token, announced today that a major Chinese payment provider had joined its enterprise blockchain network, RippleNet.
In a blog post, published today on its website, Ripple announced its newest RippleNet member – LianLian International, a Chinese money service company licensed in Hong Kong. According to the statement, LianLian, which has 150 million registered users, will use Ripple’s xCurrent settlement solution to power cross-border transactions between China, the US, and Europe.
“With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support,” LianLian’s chief executive officer, Arthur Zhu, said. “We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”
RippleNet already boasts more than 100 members, including financial institutions based in Japan, South Korea, Thailand, and India. Ripple described the addition of LianLian to the network a major gateway into China for other members of RippleNet.
“We also look forward to connecting other RippleNet members to LianLian,” said Emi Yoshikawa, director of joint venture partnerships at Ripple.
In today’s trading, the Ripple price (XRP/USD) stood at $0.768, as of 16:42 GMT. The digital currency hast gained 8.5% in the past 24 hours, according to data cryptocurrency tracker Coinmarketcap. The coin currently has a total market cap of nearly $30 billion, which makes it the third-largest cryptocurrency on the market.
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