Financial services providers and big banks have been showing strong confidence in Ripple’s blockchain technology; resulting in several partnership agreements between Ripple and the financial services providers.
China, which has banned bitcoin and other cryptocurrencies, allowed ripple to stay in the market; Chinese payment provider LianLian Yintong Electronic Payment Co announced it will join RippleNet.
LianLian’s inclusion to ripple’s current network of over 100 financial institutions shows the real strength of its blockchain technology in reducing the cost and time related to cross-border payments.
LianLian plans to use its ‘xCurrent’ software to improve transaction times and costs.
The news of the addition of yet another financial institution is great for ripple. The story, in particular, has peaked trader’s interest because it operates in China; who had utterly banned all sorts of cryptocurrency platforms.
The state-controlled Chinese economy has the authority to reject or accept any foreign business. Though traders aren’t allowed to trade ripple in China, it appears that state-controlled Chinese economy allows domestic companies to enjoy the innovative ripple technology to reduce the time and cost of transactions.
Investors are cheering the latest developments. Ripple price has outperformed bitcoin and the other top ten cryptocurrencies in todays trade. Its price soared almost 18.7% in the last 24 hours, while bitcoin and ethereum increased at a low mid-single digit rate during the same time.
Source Image: coinmarketcap.com
Ripple was traded as low as $0.60 during the latest selloff. The price bounced back sharply in the last three days, moving above the $0.90 mark. The price is still significantly lower from its all-time high of $3.77 which it hit a month ago.
Previously, big names like MoneyGram, MercuryFx, and Paypal had announced their interest in ripple’s technology.
Zebpay, the Indian cryptocurrency exchange, had also announced to add Ripple to its trading platform. The addition of ripple is surprising because Indian finance minister has last week announced to eliminate cryptocurrencies from India.
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