How to achieve fast and cheap payment? Try the new Ripple Gateway

Ripple is an open payment network that allows transfers of any currency, including USD, EUR, RMB, JPY or Bitcoin, with low transaction fees. Ripple introduces the "Consensus" mechanism, which enables transactions to be verified and confirmed in a short period of time through voting by special nodes. Compared with the waiting time for Bitcoin transaction confirmation, Ripple has an inherent advantage in fast transfer and payment.

The Ripple Gateway, which was born with the payment network, is equivalent to an exchange, enabling the flow of funds in and out of Ripple. The gateway is the channel of the entire Ripple system, allowing individuals to deposit funds into the Ripple network. Currently, the mainstream Ripple gateways in China include Ruihu Gateway, RippleChina, etc.

Recently, a new Ripple gateway, Quanbitong, was launched. As a product of Leiying Investment Management Co., Ltd., Quanbitong Gateway has obtained the official certification of Ripple International Business Association - IRBA (International Ripple Business Association), and is one of the few gateways in China that is trusted as a company.

The operating company of the Quanbitong Gateway is Leiying Investment Management Co., Ltd. The CEO Shen Taolei, who was born in the 1980s, has had three entrepreneurial experiences. The first one was in the oil and lubricant industry, and then in the logistics and warehousing industry and the medical technology field. Talking about the current digital currency payment system, he said that he came into contact with it by chance. In the past, he often asked his friends in the United States to buy things. After a long time, there were more things, and the procedures for collecting and settling foreign exchange were troublesome for both parties. The American friend simply gave him a link and let him transfer money directly through digital virtual currency. Shen Taolei thought that if this method could be popularized, as long as it could be connected to the Internet, places without banks could also achieve timely and free fast transfers.

He and his friends used Bitcoin for the initial transfer process, but Bitcoin confirmation took a long time, and Ripple solved this problem. Shen Taolei, who has a double major in computer science and finance, has always wanted to use what he has learned to build a career in related fields. He believes that the current digital currency payment market is pregnant with huge opportunities. Unlike other gateways, this time he chose to use the form of an investment company for the overall layout:

"This industry is very new and has great opportunities. It is very important to strike a balance between the main business and the secondary business. Therefore, we are planning the entire industry in the form of an investment company. Leiying already has subsidiaries. At different stages, we will inject the corresponding teams and products into the subsidiaries to complete the investment layout."

At present, whether it is cross-border payment or cross-border transfer, any channel such as Swift, Visa, Master or Western Union will encounter agreements or organizations based on the US dollar, which is not conducive to the cross-border payment and transfer system based on the RMB. Lei Ying tried to take advantage of the opportunity of China's establishment of the CIPS international clearing system based on the RMB to take the lead in the field of Ripple transfer payment, so that the RMB transfer payment transaction volume in it will occupy a larger share:

"If we start from a responsible and powerful company and consider the overall situation, and start to lay out as early as possible, and gradually let the RMB account for a larger share of the transaction volume of transfers and payments in this network, it is actually equivalent to establishing the dominant position of RMB in cross-border payment and cross-border transfer networks in disguise. This is actually consistent with the direction that Chinese policies want to develop. As far as I know, many universities in the United States have established their own blockchain research projects, including Stanford, MIT, Columbia University, etc. Many powerful companies or individuals in the United States are also engaged in the development of blockchain and consensus mechanisms... The United States has been studying this technology, so why should we lag behind? This will be a global research trend and direction in the future. The earlier you start, the more advantages you will have."

Group photo of employees

The main task of the legal department established in the United States is to study the compliance of the Ripple gateway in the United States, and to communicate the research materials with relevant domestic officials as soon as possible. Leiying chose the Shanghai Free Trade Zone as its registered place of business, also out of compliance considerations.

"As far as the free trade zone is concerned, financial free trade is the core of the free trade zone in the future. We maintain close communication with government officials to understand the development direction of financial free trade policies and to understand the red lines that the government stipulates cannot be crossed in the development process of a financial network under a new technology like this. After we confirm this, we will use corresponding compliance agreements and relatively advanced laws to regulate the operation of our own enterprises."

In addition to operating the Quanbitong Gateway in a corporate and standardized manner, Lei Ying has taken a fancy to the huge potential of this market and has begun to lay out the talent pool for the future. In the United States, it has established cooperative R&D relationships with the top 10 universities in computer science; domestically, it has also worked hard to promote the relevant research topics and R&D projects of USTC and the Chinese Academy of Sciences, and the exchange of journals and academic papers on new technologies. At the same time, it has carried out R&D cooperation with other high-quality universities in blockchain technology, distributed cloud computing, machine learning, and artificial intelligence.

Leiying Ventures CEO Shen Taolei is full of expectations for the entire Ripple payment market.

“It happened that I discovered this market during my early experience. I think this field cannot be called an industry or sector at present, but it is pregnant with huge opportunities. What we need to do in this opportunity is to analyze market demand and promote this business to develop into an industry from the perspective of a mature enterprise.”