Ripple, a leading Silicon Valley tech company, is a global payment provider whose payment solutions are widely used across borders. While several corporations, such as SBI Holdings, have partnered with Ripple for cross-border settlements, only a few countries have chosen the fintech firm for central bank-backed digital currency (CBDC) projects. Anthony Welfare, Ripple’s Senior Advisor, revealed in a recent interview that the blockchain company is currently working on various CBDC pilots for countries such as Bhutan and the Republic of Palau.
As Welfare explained recently:
“Ripple has several pilots in progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau,”
He went on to say that the main goal of RippleX is not only to allow developers to build on the XRP Ledger but also to collaborate with top firms and countries on various initiatives, including CBDC.
He adds:
“For Ripple, crypto is in our DNA: our RippleX business unit is focused on making it easy for developers to build on and with the XRP Ledger, as well as partnering with others in the crypto space on use cases like NFTs and CBDCs (aka tokenized assets),”
The news was shared on Twitter by a prominent Ripple supporter, Crypto ERI, who drew the attention of other XRP holders to it. Interestingly, the tweet drew the attention not only of XRP holders but also of Welfare, who revealed that Ripple would make more CBDC announcements in the coming weeks.
“Ripple has several pilots in the progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.” – @AntonyWelfare
— ??Crypto Eri 207k Followers (beware of imposters) (@sentosumosaba) September 6, 2022
Several: More than two and fewer than many. ? In progress.https://t.co/VqLGkhgOFh pic.twitter.com/DbdiXVwtOl
Given the importance of the initiative to the crypto asset, Welfare’s comment is significant to XRP holders. Ripple recently shared a video in which it stated that all new CBDC solutions would use XRPL for cross-border settlements.
The more countries that choose Ripple as their official CBDC partner, the greater the adoption and utility of the XRP coin, which has been on a precipitous decline as a result of the ongoing lawsuit between Ripple and the SEC.
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