Standard Chartered and Alibaba Partner Up to Start New Ripple-like Service

Standard Chartered and Alibaba Partner Up to Start New Ripple-like Service
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Alibaba’s payment arm, Ant Financial, has just announced the decision to team up with GCash and Standard Chartered. The partnership will be focused on a launch of a new remittance service that will be powered by blockchain technology and will allow for fast cross-border payments.

Alibaba create a service that rivals Ripple
Until recently, things like cross-border payments were long processes taking anywhere from 10 minutes to entire days to complete. That changed when Ripple (XRP) introduced its product called xRapid, which allowed for almost instant transactions.

Now, Alibaba wishes to achieve the same without the need to partner up with Ripple, through a partnering with Standard Chartered and GCash instead. This will allow these corporations to start a new remittance service. The service will allow for cross-border payments which will complete in an extremely short amount of time, thanks to blockchain technology.

Jack Ma says no to cryptos, but yes to the blockchain
Jack Ma doesn’t think especially highly of cryptocurrencies. In fact, for a long time now, he is known for stating that he sees Bitcoin as a bubble. Still, he has a much better opinion of blockchain technology.

According to him, blockchain has real potential and should not be used for getting rich quick. It needs to address various issues like ownership concerns, data privacy, and its efforts should be dedicated to solving real social problems, and to enable sustainable development. This is what the new project is all about and, according to Jack Ma, global expansion will be underway as soon as the Philippine and Hong Kong runs are over.

Standard Chartered and Alibaba Partner Up to Start New Ripple-like Service

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