As the Executive Director of Ripple in the CNBC interview, the company is considering entering the Chinese market.
Jeremy Lite, Vice President of strategic Department in the region of the European Union, said in a telephone interview that the company wants to enter the Chinese market to accelerate international payments using its technology DLT. Layt believes that “China is definitely a country and region that are of interest for the company”.
At the moment in the Ripple network consists of more than 100 financial institutions. Although the Ripple portfolio includes leading players in the financial industry, such as UniCredit, Santander, UBS and others, the company is likely to face strong competition from local FINTECH companies offering payment solutions.
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In February, Ripple tried to enter the Chinese market, having signed a partnership agreement with the Chinese payment system LianLian, with the aim to offer its customers faster and cheaper international transfers between the United States, Europe and China.