Ripple is ‘definitely’ targeting China with its blockchain-based payments tech

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Ripple's focus on China would unlikely be on advancing the adoption of its cryptocurrency, XRP, as Beijing has clamped down on the trading of virtual currencies. China last year banned initial coin offerings (ICOs), a controversial means of financial technology start-ups raising funds through the sale of new digital tokens.

Ripple currently has more than 100 financial institutions signed up to its network, including Santander, UniCredit, UBS and Standard Chartered. But with just one Chinese client, the firm has a long way to go before making waves in the country. China is home to a number of large fintech (financial technology) firms, with payment apps like Ant Financial's Alipay and Tencent's WeChat Pay proving popular with Chinese consumers. See more for yourself, here.