Ripple Talks With People’s Bank of China Key to Chinese Blockchain Market
Ripple investors are looking forward to the collaboration between Ripple and China tackling the country’s Blockchain market.
As Bitcoin and Blockchain technology step into the more mass market adoption, many businesses are showing their interest to explore and penetrate cryptocurrency and blockchain platforms.
Ripple is the creator and developer of the Ripple payment and exchange network. The company is based in San Francisco, California.
"Ripple" is just the rename of Opencoin. The Ripple Blockchain focuses on banks, global payments, and digital exchange.
Possible entry to Chinese market?
China's has a huge network or connectivity when it comes to business and consumers. It is tempting for Ripple to get involved with the Chinese market because it will be a big hit to the company.
China aims to widen its connection in the global trade market and the firm growth of China's existence across ecommerce will substantially require low transaction fees, cheap and fast flow of payment system. China is known to follow strict regulations and security when it comes to banking and financial transactions. In fact, recent warnings about unregulated ICOs caused certain companies catering mainly to Chinese investors to halt their operations.
Ripple's business services revolve around bank-to-bank transfers. Ripple CEO Brad Garlinghouse expects the company to enter consumer market in 5 years.
How they both will benefit
Ripple has already confirmed the expansion of its business with China's Central bank. China is now researching on digital currency and the possibility of having its cryptocurrency.
The fintech company and the China's Central Bank officials are having talks about the public Blockchain platform RCL or what they call Ripple Consensus Ledger.
The delegation is to promote financial tech between China and the United States. Ripple had a presentation with the officials specifically on the nature of the public Blockchain, global payment ecosystem, and how they will benefit in applying the principle of Blockchain platform- its offer of low service fees, and fast pace of real-time transactions.
Though there is no official announcement yet about the expanding business of China Central Bank and Ripple, people are looking forward to the great news and collaboration of the two entities ahead.