Chinese payment provider LianLian is joining RippleNet, the payment network that uses Ripple's blockchain technology to facilitate cross-border transactions.
Announced on Feb. 7, the news will see LianLian Pay adopting Ripple's xCurrent solution in an effort to bring same-day, cross-border transactions onto a blockchain for its existing customers. The product differs from Ripple's xRapid solution, which, unlike xCurrent, uses the company's custom cryptocurrency XRP.
Arthur Zhu, CEO of LianLian, said in a statement:
"With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support."
According to Ripple, the partnership with LianLian will enable existing RippleNet members to connect with the Chinese market.
Formed in 2003, LianLian is an electronic remittance firm with authorization from the People's Bank of China. Through partnerships with banks, the firm functions as a third-party payment tool for consumers on e-commerce platforms such as JD.com.
With the news, LianLian becomes the latest member of RippleNet, which according to a previous CoinDesk report, now has over 100 customers using its xCurrent solution.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Online payment image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.