US cryptocurrency company Ripple has partnered up its decentralized global network Ripple.net with China-based LianLian International for their payment services. The team-up is expected to improve efficiency and ease the costs of cross-border transactions for Ripple customers all across the US, China, and Europe.
For Ripple CEO Brad Garlinghouse, this new partnership “just opened the door to the largest e-commerce market in the world.”
At the focal point of this relationship is xCurrent, which is Ripple’s centralized software payment solution, to be accessed by LianLian. The software is designed specifically to work with financial institutions by lettings the banks confirm payments before each transaction and until end of delivery in real time.
For LianLian CEO Arthur Zhu, “With Ripple.net, 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.
Just last month, Ripple signed up with Moneygram to speed up fiat payments. With this partnership, Ripple joins Paypal and Apple as LianLian’s strategic partner.