February 07, 2018 -- ADVFN Crypto NewsWire -- LianLian International, a China-based payment
services provider, has partnered with RippleNet in order to offer
faster and less expensive cross border transactions to their
customers across the US, Europe, and China, according to a Feb. 7 announcement on Ripple’s
blog.
RippleNet is Ripple’s decentralized global network, made up
of banks and other financial institutions, that handles the
real-time confirmations of financial transactions.
Brad Garlinghouse, CEO of Ripple, tweeted that Ripple “just
opened the door to the largest e-commerce market in the world”:
Brad Garlinghouse
@bgarlinghouse
We just opened the door to the largest e-commerce market in the
world for our #RippleNet partners with LianLian. https://twitter.com/emy_wng/status/961240063462973440 …
6:50 AM - Feb 7, 2018
Twitter Ads info and privacy
While Ripple (XRP) is often referred to as a
cryptocurrency and is listed on CoinMarketCap, the token
is centralized and its source code is owned privately by
Ripple, while a cryptocurrency by definition is decentralized and
outsider-verified.
LianLian will use Ripple’s centralized software payment
solution, xCurrent, which is tailored to work with financial
institutions by allowing banks to confirm payment details in real
time before each transaction and after each delivery.
LianLian already lists PayPal and Apple as their strategic
partners, serving marketplaces like Amazon, Ali Express, and
Ebay.
In reference to the Ripple partnership, Arthur Zhu, CEO of
LianLian, said:
“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 has partnerships with over 100 financial institutions,
most recently partnering in mid-January with Moneygram to
speed up fiat payments.
The RippleNet and LianLian partnership comes at a time when
China has been increasing crypto regulation, removing
crypto-related ads on social media and search engines
and banning foreign exchanges on top of the
earlier domestic exchange restrictions.
Author: Molly Jane Zuckerman