XRP is considered as one of the valuable coins with widespread acceptance within the crypto community, but has set about its aim of mainstream adoption in a different way, unlike other coins that depend on traditional awareness through advertising.
Ripple has chosen to develop a fast blockchain payment system which makes it a platform for many financial organizations. Currently boasting of more than 150 financial institutions incorporating its xRapid and xCurrent platforms, Ripple stock is only going to rise further.
However, the easiest way to achieve global adoption is through strategic partnership with financial organizations in Countries that are heavyweights economically. This is the reason why Ripple’s intent to expand its operations to China and Germany is a strategic move with implications.
Ripple Eager To Break Through Europe’s Largest Economy
Germany, for example is the largest economy in Europe and it houses many heavyweight banking institutions and Automobile companies. Also with a population of about 85million people, Germany is the second most populated country in Europe behind Russia.
This makes it a strategic location for Ripple to expand its operation as according to Ripple’s executive Marjan Delatinne, the blockchain company is in negotiations with several German banks and financial organizations.
Partnership Agreed With Notable German Institution
XRP has already entered an agreement with a notable German institution, DZ bank AG to utilize its blockchain products. The bank is also a central institution for over 1,000 co-operative banks and their over 11,000 branch offices. DZ Bank AG is currently ranked as the 3rd largest bank in Germany with over 120 branches in the country.
The major benefits that the decentralized payment platform offers the financial institution are the convenience in payment system as well as low transaction fees.
Furthermore, they can leverage the fast transaction technology leading the institutions to eventually setting up payment options in cryptocurrency.
Ripple’s benefits as the value of XRP will rise with time as more German financial institutions adopt the blockchain technology. Also since many of this companies have a financial presence in other countries, it inadvertently leads to an increase in user base.
Ripple Breaking Into The Chinese Market
No doubt, Asia is one of the Crypto enlightened regions in the world with many digital currencies flocking to the continent with the aim of forming strategic partnerships that will make them seal a firm base. Ripple has been able to make little gains in the Asian market, particularly Japan.
Despite this, the blockchain is looking towards making gains in the continental powerhouse called China. The Chinese Market is renowned for being conservative and protecting of its indigenous market, and many analysts believe that Ripple is in for a challenge to breakthrough.
Furthermore, the presence of Tencent and Alibaba proves a major obstacle as WEPay and Alipay are two of the popular payment platforms used by Millions of Chinese, and they also have the advantage of possessing strategic partnerships with government agencies.
Ripple Already Made A Strategic Partnership In China
Ripple has started to make inroads in China, announcing a partnership with Chinese payment provider LianLian to provide blockchain payment services in the country.
The agreement with LianLian stipulates that the payment company would receive invoice payments and other forms of payments from companies that are part of the Ripple payment network. This is a good news for the crypto userbase in the country.
Also, it was revealed a while back that some Chinese regulators and banks are contemplating adopting Ripple’s xCurrent payment platform as they seek to add end-end tracking to cross-border platform.
It remains to be seen if there would be any official confirmation of such partnership with Ripple as we enter the last quarter of the year. Though one certain thing is that 2018 has been a step in the right direction for the blockchain company in Asia.
Ripple is a ledger based crypto coin currently ranked 3rd as its total market cap is worth $11billion, and has 39 billion XRP in circulation.
XRP is one of the top cryptos haven established a strong market base in the crypto market with its fast, reliable and secure technology.
Ripple has also entered into partnerships with several firms to use its xCurrent product which enables instant settlement of payments across the world.
The xRapid platform uses the XRP coin as a means through which transactions are carried about and allows transfers and converting between exchanges.