Ripple Confirms China Expansion Plans

Ripple Confirms China Expansion Plans

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Ripple is opening up about its plans to enter one of the world's largest markets.

In new statements to CoinDesk, the San Francisco blockchain startup aimed to address rumors that first appeared last Thursday on XRP Chat, a forum dedicated to gossip and commentary on both the company and its technology.

In short – yes, the blockchain company is planning to set up operations in China, but no, it's not doing so with the help of one of the region's e-commerce giants.

Emi Yoshikawa, Ripple's director of joint venture partnership, told CoinDesk:

"China is a key market for a global payments network, which is why we are looking to build a presence there. Total cross-border [business-to-business] payment value involving China is $5 trillion annually, and the large Chinese e-commerce market currently lacks a highly efficient and low-cost solution."

Most recently, Ripple added 10 new financial institutions to its blockchain network, including MUFG in Japan, BBVA in Spain and SEB in Sweden, but membership by Chinese firms has so far been absent