Ever a controversial coin because of the SEC, Ripple XRP still remains a bit as the grey area in major crypto altcoins. It first of all doesn’t operate on a normal blockchain like most major cryptocurrencies, and its distribution in terms of ownership is also a major reason for most crypto traders’ scepticism about the coin.
The XRP coin is managed by Ripple, the parent company that created the XRP coin and other related technologies like XRapid. The coin has been successful so far as it is currently rated as the third most valuable cryptocurrency by market capital. All this adds to the company’s success through the years along with other partnerships with banks and Money transfer agencies.
China and Asia at large are among the manor target markets of cryptocurrency traders – either miners or creators of these digital tokens. Access into theses regions haven’t been particularly easy, especially in China. Earlier this year Ripple succeeded in deciding a deal that would allow it extend its boundaries into Hong Kong. The deal was with financial giant, LianLian, who were willing to use Ripple’s cross-border payment system for business.
But that wouldn’t be all for Ripple – there is still that hunger to spread in all of China. Ripple’s Jeremy Light vice president of European Union strategic accounts at Ripple, hinted in a recent interview that Ripple was expanding even further in China.
“China is definitely of interest, it is definitely a target,…China is definitely a country and region of interest.”
Because of fears of the local fiat currency fallen due to use of cryptocurrencies, China’s laws on cryptocurrencies are pretty hard and tough. A cryptocurrency exchange was even driven out of the country earlier this year, but apparently that turned out well for the exchanger – Binance.
Hostility Of China To Cryptocurrency
China has banned Initial Coin Offerings (ICOs) last year, about the same time all cryptos were on a bullish run and bitcoin was heading for 20,000 US Dollars. The move was due to continues increase in scams that masqueraded as ICOs in order to do away with people’s money.
Despite this Ripple has managed yo secure a spot in the country, largely attributes to the recognition it had gained from financial institutions like Western Union, and Santander and UBS and Standard Chartered and the list goes on.
The main challenge Ripple will face ne is how to get people to move from traditional payment methods like AliPay and WeChat Pay to the blockchain driven system it is pioneering presently. Should Ripple succeed in the Chinese market, we could see a valuation in the Ripple XRP token as the market cap could rise by virtue of its use and strong integration into Ripple’s blockchain network.
The Ripple XRP presently sits at $0.343699. No further plans about the extension into Chinese ecosystem have been publicly stated, however, judging by how Ripple has a history of making such subtle announcements when they are done with deals. So we could optimistic about some news of partnerships in the coming weeks.
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