Ripple (available on Binance), the third largest cryptocurrency project by its total market cap, confirmed that it is targeting the large Chinese market with its cross-border blockchain payment technology, CNBC reported this morning. Ripple (available on Binance) targets China despite China’s anti-cryptocurrency reputation? Here’s why.

Ripple (available on Binance) Targets China

Jeremy Light, VP of European Union Strategic accounts at Ripple (available on Binance), had a phone interview with CNBC and said, “China is definitely of interest, it is definitely a target.“

Earlier this year, Ripple (available on Binance) signed a deal with the Hangzhou-based financial institution LianLian International. This partnership is aimed at improving the cross-border transactions between China, Europe, and the US. The partnership was announced initially but it remains unknown if the financial institution is currently using Ripple (available on Binance) technology yet.

China is widely known as anti-cryptocurrency but Ripple (available on Binance)’s distributed ledger technology is aimed at aiding larger financial institutions. If Ripple (available on Binance) were to enter this tight market, it would most likely focus on its blockchain technology rather than advancing the adoption of its cryptocurrency, XRP.

xCurrent Product Interest

Most banks and financial firms are currently uninterested in the cryptocurrency side of Ripple (available on Binance)’s offering. Most large banks are testing to see if Ripple (available on Binance)’s tech can save them both time and money. More specifically, lenders have signed deals with Ripple (available on Binance) to use its xCurrent product, which is aimed at settling payments instantly around the world.

Ripple (available on Binance)’s xRapid platform – where XRP is used – has seen interest from money transfer firms, such as Western Union and Money Gram. Not many large banks or financial institutions are interested in xRapid.