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Ripple Blockchain Network Adds China Payments Provider
China-based payment service LianLian has said it will use Ripple's xCurrent blockchain solution for cross-border transactions.
Chinese payment provider LianLian International is joining RippleNet, the payment network that uses Ripple's blockchain technology to facilitate cross-border transactions.
Announced on Feb. 7, the news will see the Hong Kong-based LianLian International adopting Ripple's xCurrent solution in an effort to bring same-day, cross-border transactions onto a blockchain for its existing customers. The product differs from Ripple's xRapidhttps://ripple.com/solutions/source-liquidity/ solution, which, unlike xCurrent, uses the company's custom cryptocurrency XRP.
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Arthur Zhu, CEO of LianLian International, said in a statement:
"With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support."
According to Ripple, the partnership with LianLian will enable existing RippleNet members to connect with the Chinese market.
With the news, LianLian becomes the latest member of RippleNet, which according to a previous CoinDesk report, now has over 100 customers using its xCurrent solution.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Online payment image via Shutterstock
Wolfie Zhao
A member of the CoinDesk editorial team since June 2017, Wolfie now focuses on writing business stories related to blockchain and cryptocurrency. Twitter: @wolfiezhao. Email: wolfie@coindesk.com. Telegram: wolfiezhao
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