Ripple Labs continues to focus on expanding its service offering and expanding into new markets. So Ripple has already succeeded in attracting many customers in America and Europe. Strategic expansion into Asia therefore seems to be the next logical step.
Asia is a complex and multi-layered market for many companies. This is particularly true, as the regulators there regard the offered crypto services with some skepticism. For example, China is taking a negative stance on cryptocurrencies, while at the same time being one of the largest markets for off-exchange Bitcoin trading.
After a series of negotiations, Ripple Labs took a first, indirect step in China. Through a partnership with the LianLian Group and American Express, the company can now handle credit card payments through its own network. This is in competition with the traditional system, which is based on a government-operated network.
At the recent London-based “MJAC 2018” crypto-conference, Ripple's Dan Morgan commented on why Ripple is so present in Asian markets. Morgan is the head of Ripple's Regulatory Relations Division in Europe. He explained:
“It's still very early, but we're seeing the biggest demand in Asian markets. It's about demand for money transfers, be it because of underserved corridors, because correspondence banking is too expensive … we therefore believe that there is a demand. “
Ripple as a liquidity solution
Morgan saw Ripple as a liquidity solution to optimize the markets. Previously, solutions such as xRapid and even transaction processing via Ripple XRP would be increasingly adopted by Asian markets. So he said:
“The highest liquidity in terms of cryptocurrencies, we have … some distance in the Asian markets.”
He explained that the Asian markets, however, need more clarity in terms of legislation. It is not just about the laws regulating the crypto markets, but also about those for the blockchain technology. He also noted that Thailand was one of the key countries for the expansion of Ripples on the Asian continent. He stated:
“Here again we see a series of islands [advanced countries] in Asia that are much farther than we are here … I've already talked about Thailand. Japan, of course, is another such place … So you're absolutely right, it's Asia. I do not want to highlight any special markets … in Thailand, for example, with its regulation, I believe that Siam Commerical Bank is now very active in terms of cryptocurrency settlements. “
Sources: Global Coin Report, Blockmanity, Twitter, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ripple-manager-asiens-maerkte-fragen-ripple-xrp-am-meisten-nach/
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