Ripple is very keen and prepared to achieve global coverage by the middle of 2021 and expand into China as the enterprise blockchain firm begins transacting with some Chinese nodes, Ripple’s SVP of customer success, Marcus Treacher, has said in an interview.
On the 11th of June, in an interview with the FS Club anchored by Michael Mainelli, Z/Yen Chairman, Treacher disclosed some future roadmaps of the Ripple network.
He was asked if Ripple has plans of expanding into China, Treacher responded that Ripple is ambitious to extend its tentacles to China, although, the geopolitical situation would need to be relaxed, for the ambition to be fulfilled.
He further noted that Ripple is fully prepared to move into China as Ripple has been processing some transactions in recent times using some Chinese nodes, and it is expected to be on the increase as things get more eased up.
Ripple is focused on revolutionizing the global payment systems, with major steps to change the old, expensive, slow, and error-prone world payment rails. The enterprise blockchain firm is expanding rapidly within the past few years, boasting of over 450 employees, 9 offices across the globe, and about 350 customers are using its product in over 45 countries globally.
Talking about the type of customers on the Ripple network, Treacher pointed out that 50 Percent of Ripple customers at present are payment companies and exchanges while the other 50 percent are banks. He explained that payment companies tend to fall on the sender category while bank on most occasions falls on the receiver category.
When asked if Ripple’s technology could be used to transfer and receive funds from anywhere in the world, Treacher maintained the Ripple network is as big as its customers and with the aid of RippleNet members such as Nium and Earthport, the network has connected directly with users across 45 countries of the world. Treacher also said he believes with such energy, the Ripple network will expand into more other countries.
The Ripple executive in his words believes that with the way the Ripple network is expanding, it will complete global coverage before the middle of 2021.
Treacher went on to explain that Ripple has a cash payout in virtually every country in the world which was achieved through its great pipe into MoneyGram, and that they are considering building up the relationship with MoneyGram to plug it into the RippleNet Network this year.