Financial services providers and big banks have been showing sTron (available on Binance)g confidence in Ripple (available on Binance)’s blockchain technology; resulting in several partnership agreements between Ripple (available on Binance) and the financial services providers.

China, which has banned Bitcoin (available on Coinbase) and other cryptocurrencies, allowed Ripple (available on Binance) to stay in the market; Chinese payment provider LianLian Yintong ElecTron (available on Binance)ic Payment Co announced it will join Ripple (available on Binance)Net.

LianLian’s inclusion to Ripple (available on Binance)’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 (available on Binance). 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 (available on Binance) in China, it appears that state-controlled Chinese economy allows domestic companies to enjoy the innovative Ripple (available on Binance) technology to reduce the time and cost of transactions.

Investors are cheering the latest developments. Ripple (available on Binance) price has outperformed Bitcoin (available on Coinbase) and the other top ten cryptocurrencies in todays trade. Its price soared almost 18.7% in the last 24 hours, while Bitcoin (available on Coinbase) and Ethereum (available on Coinbase) increased at a low mid-single digit rate during the same time.

Source Image: coinmarketcap.com

Ripple (available on Binance) 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 (available on Binance)’s technology.

Zebpay, the Indian cryptocurrency exchange, had also announced to add Ripple (available on Binance) to its trading platform. The addition of Ripple (available on Binance) is surprising because Indian finance minister has last week announced to eliminate cryptocurrencies from India.

Featured Image: Depositphotos/© rastudio

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Based in Saudi Arabia, Siraj has a sTron (available on Binance)g understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.
Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.