Ripple, the San Francisco-based blockchain company, is exploring opportunities for expansion in blockchain finance through Asia. The company has been working with financial institutions in the region to develop new use cases for its blockchain technology.
Ripple’s blockchain technology is designed to facilitate cross-border payments and settlements. The company’s XRP cryptocurrency is used as a bridge currency to facilitate transactions between different currencies. Ripple’s technology has been adopted by a number of financial institutions around the world, including Santander, American Express, and Standard Chartered.
Asia is a key market for Ripple, as the region is home to some of the world’s largest and fastest-growing economies. The company has been working with financial institutions in Japan, South Korea, and China to develop new use cases for its blockchain technology.
In Japan, Ripple has partnered with SBI Holdings to launch a new blockchain-based payment app called MoneyTap. The app allows users to make instant payments using their smartphones, and is designed to be used by small and medium-sized businesses.
In South Korea, Ripple has partnered with Coinone, one of the country’s largest cryptocurrency exchanges, to launch a new remittance service called Cross. The service allows users to send money to other countries using Ripple’s blockchain technology.
In China, Ripple has been working with a number of financial institutions to develop new use cases for its blockchain technology. The company has partnered with LianLian International, a leading Chinese payment provider, to facilitate cross-border payments between China and the US.
Ripple’s expansion into Asia comes at a time when the region is experiencing rapid growth in the fintech sector. According to a report by KPMG, fintech investment in Asia reached $22.7 billion in 2019, up from $12.8 billion in 2018.
The report also noted that blockchain technology is becoming increasingly important in the region, with many financial institutions exploring new use cases for the technology. Ripple’s blockchain technology is well-suited to the needs of the Asian market, as it allows for fast and secure cross-border payments.
In conclusion, Ripple’s expansion into Asia is a significant development for the blockchain finance industry. The company’s technology has the potential to revolutionize cross-border payments and settlements, and its partnerships with financial institutions in the region are a testament to its growing influence in the industry. As the fintech sector in Asia continues to grow, it is likely that we will see more companies like Ripple exploring opportunities for expansion in the region.
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- Source: https://zephyrnet.com/ripple-looks-to-asia-for-growth-in-blockchain-finance/