“Yes” to China market, “no” to Alibaba

The blockchain company Ripple has announced its expansion into China and simultaneously denied speculations on its possible collaboration with one of the country’s electronic commerce giants – Alibaba company, CoinDesk reports.

The decision to make China one of the partner states was commented by Emi Yoshikawa, Ripple's director of joint venture partnership. He told that the company’s aim to cooperate with China is dictated by the fact that this state’s market is one of the major global payment network participants.

“Total cross-border payment value involving China is $5 trillion annually, and the large Chinese e-commerce market currently lacks a highly efficient and low-cost solution,” added Mr. Yoshikawa.

At the same time, Ripple did not confirm rumors that they are going to enter the Chinese market in cooperation with Alibaba. There was an info regarding this matter on the XRP Chat forum, which main focus is on gossip and comments on the company’s activities and technologies.

Ripple has previously included ten new financial institutions in its blockchain network, including MUFG from Japan, BBVA from Spain and SEB from Sweden. No Chinese companies were included yet.