Ripple plans to enter the market of Chinese e-commerce after announcing their partnerships with a Hong Kong based payment provider, LianLian. Chinese e-commerce platforms are currently the largest in the world and it would highly benefit Ripple to join the market.
LianLian has already more than 150 million users across China. Ripple aims to give the users of China’s e-commerce market to enable make cross-border payments quicker and more cost efficient that they were not able to provide before. Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017 according to the Director of joint venture partnerships at Ripple, Emi Yoshikawa.
The CEO of LianLian, Arthur Zhu has 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.
Blockchain solutions are becoming more and more existent in the e-commerce world. Blockchain integration has become the main theme for many payment companies. E-commerce platforms in China have a net valuation of $700 billion, with big players like Ali Express, Amazon and E-bay. Introducing instant, cost-effective technologies like Ripple will help make these transactions run more swiftly.