Ripple announced a new partnership today with Chinese payment provider LianLian International. In another example of the company’s real-world application of its blockchain technology, LianLian will implement Ripple’s blockchain solution, xCurrent, to materialize cross-border payments in and out of China.
Ripple’s business infrastructure keeps growing, as the company finds another partner to expand the reach of its blockchain products. LianLian, a Hong Kong-licensed international money service company, will use RippleNet to accept payments from global financial institutions located outside of China and will allocate the funds to Chinese recipients.
Ripple’s technology will enable the transfers to take place instantly, and at a much lower cost to users than previously available through traditional transfer methods.
The recently forged partnership will further add value to Ripple, as LianLian will also facilitate the smooth flow of transactions between consumers and merchants in China as well as other markets. The end result is an expected rise in overall volumes of payment transactions on the Ripple network.
Statements from Both Sides
Emi Yoshikawa, Ripple’s Director of Joint Venture Partnerships, commented on the partnership: “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.”
Also commenting on the new partnership was Arthur Zhu, Chairman of the Board, LianLian International, who said: “LianLian International is a leader in the payout experience both into and out of China, as evidenced by the large number of our merchants and partners. 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. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”
Ripple Making Deals
Ripple has remained one of the most active blockchain participants, striking various partnerships and deals, and creating increasing practical applications for its technology.
Perhaps the most influential deal the company has been able to achieve is the creation of a Japanese credit card industry consortium that the company was able to manifest toward the end of last year. This particular achievement caused the price of Ripple’s cryptocurrency, XRP, to skyrocket and reach record highs.
Earlier this year, Ripple onboarded another high caliber partner in MoneyGram, which intends to create a collaborative effort to enable real-time money transfers on a global scale. This partnership also sent XRP’s price in an upward trajectory.