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China gives Ripple customer LianLian’s JV AmEx approval for card payments

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Ripple has succeeded in entering into the Chinese e-commerce market after China today approved LianLian’s joint venture, AmEx, to process card payments in the country.

The approval makes AmEx the first U.S payment company to have a direct access to China’s e-commerce market. China’s endorsement gives AmEx the opportunity to resolve payments and transactions in Yuan, through the use of its Joint Venture: The LianLian Group (who is a Ripple customer).

AmEx is a global payment platform just like Visa and Mastercard. The company’s JV (joint venture) in China, LianLian Group, partnered with RippleNet earlier this year to provide a faster global payment service to the Chinese e-commerce market.

The venture is also a licensed company which now has about 150 million registered users in China today. LianLian makes use of Ripple blockchain to settle China’s e-commerce payments. Not only that, LianLian Group now settles Chinese cross-border payments through the use of Ripple’s xCurrent.

Interestingly, China has a growing e-commerce market approximated to be more than $627 bln last year. However, the cross-border payments into the country have been estimated to attain $1.32 trillion this year. AmEx decision to enter China’s market has been regarded as a bold step, as a result of China’s strict policies against ICOs, digital assets, and foreign card-payment platforms.

AmEx recent stride in hitting China’s market first is a step forward for Ripple Net

As regards to China’s strict policies on foreign card-payment companies, Visa, MasterCard, and other companies alike have lobbied for more than a decade now to enter China’s e-commerce market – which approximately has six billion cards in circulations, and it is projected the number would increase by ten billion in the year 2020.

Before now, all foreign card companies in China had been enforced to work with the existing state-monopoly consortium known as, UnionPay – But Ripple’s partner, AmEX, has now become the first payment company to work without UnionPay.

Concerning the approval, China’s central bank stated that this is a vital step forward to expose China’s bank card market to foreign investors. The central bank further affirmed that the recent stride would ease the country’s e-commerce market in an arranged manner for other payment institutions.

Overall, the current approval means that RippleNet will be foremost on China’s cross-border payments and settlements, since LianLian, AmEx venture Group, is in partnership with RippleNet. It also implies that AmEx will be processing card payments by using Ripple’s blockchain technology.

Also, AMEX and LianLian are Ripple xCurrent customers officially, but anything can be connected to xCurrent using a multi-hop – so that way, they potentially can connect xRapid at some point in the near future, too.

Talking about some basics, Ripple’s xCurrent and xRapid are products of RippleNet. xCurrent is software used by major financial institutions to resolve cross-border transactions; it is also used to track these payments once they are done. xRapid, on the other hand, is aimed at financial institutions that want to minimize liquidity cost, at the same time offering a better customer experience.

No doubts, despite China’s strict policies on cryptocurrencies, Ripple has been able to spread its tentacles over there, and it is in the right direction.

Consequently, we should be looking out to either AMEX/LianLian Join Venture entering into a liquidity agreement with a multi-hop enabled system in China, or the Chinese government lifting the ban on cryptocurrencies in a few months to come.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How do cross-chain transaction networks work?

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cross-chain transactions

Blockchain technology was initially thought to be an all-in-one solution, where all the transactions would take place on a single chain. However, this idea was deemed impractical with time due to certain limitations and constraints arising within the system scalability area.

If blockchains are to live up to the expectations, then the blockchain technology should allow atomic transactions over various blockchains that are interconnected. A single blockchain may even be split into multiple chains that cooperate.

The concept of cross chains is understood as the ability of two operating blockchains to exchange information with each other in order to form a network to process transactions. Cross-chain transaction networks allow multiple blockchains to pass over information to one another.

The use of blockchain platforms like Bitcoin, Ethereum, and Ripple has highlighted scalability issues over time. These limitations in the present blockchain technology have hindered its full potentials and benefits. Exactly where cross-chain technology comes in to resolve such scalability constraints faced by blockchain technology.

Cross blockchain compatibility

The cross-blockchain compatibility issue arises whenever we talk about multiple blockchains. Incompatibility is because not all of the blockchains use similar protocols. Each blockchain system communicates according to its standards.

The lack of a standardized protocol of intercommunication between the blockchain networks cripples the blockchain technology’s scalability, here comes in cross-blockchain compatibility. The concept allows blockchains to communicate without any…

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Messari Adds DigitalBits (XDB) & Branded Currencies to its Registry

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One of the top providers of crypto data and research tools on digital assets Messari has announced the addition of DigitalBits (XDB) to the Messari Registry. As a participant, DigitalBits governing body, the XDB Foundation will be providing regular updates and commit to transparency. The DigitalBits blockchain was built to support consumer digital assets – branded currencies.  As the company stated, “a global, legacy digital asset class, branded currencies play a vital role in consumer-brand interactions, and account for billions of dollars in value.  Branded currencies issued on the DigitalBits blockchain will also be included within the Messari Registry.”

Additionally, Messari and the XDB Foundation “may explore the buildout of a novel registry to accommodate branded currencies tokenized on DigitalBits. This registry would address issues consumers face when determining the legitimacy of branded currencies and their respective organizations,” the announcement said today.  The goal is to provide a standardized framework for organizations leveraging branded currencies, certifying asset legitimacy, and clearly outlining characteristics including but not limited to asset issuance and organization identity.

Commenting on the news, Messari representatives said they recognize the potential for the use of branded currencies to grow in the future as more enterprises embrace blockchain technology. Ben O’Neill, Vice President, BD & Operations at Messari said the Registry will help all…

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