Chinese LianLian Joins RippleNet

The money service company will use Ripple’s xCurrent.

by Viko
08 February • 1 min
In News

Chinese money service company LianLian International has joined the blockchain-based RippleNet platform, California-based Ripple said in a statement.

The move will allow the 150 million registered users of Hong Kong-licensed LianLian to receive real-time cross-border remittances, invoice payments and e-commerce payments.

LianLian will use xCurrent — Ripple’s settlement solution that offers end-to-end tracking — to power cross-border transactions between China, the U.S., and Europe,” Ripple said.

lianlian pay logo

LianLian is one of China’s largest money service companies, processing billions in payments in 19 fiat currencies between merchants and consumers. China’s e-commerce market volume totaled USD 672 billion in 2017, accounting for 17% of the global e-commerce market, and is expected to grow further. At the same time, cross-border payments related to China’s e-commerce market reached USD 1.07 trillion last year and are anticipated to increase to USD 1.3 trillion in 2018, according to the statement.

ripple logo

xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments. RippleNet, which allows for, but does not oblige, the use of the XRP token for marking near-instant money transfers, has more than 100 clients, including renowned global banks and financial service providers.