Ripple, a renowned Silicon Valley-based company, is a global payment provider whose payment solutions are extensively used internationally.
While many companies, like SBI Holdings, have chosen Ripple as their cross-border settlements partner, several countries have chosen the fintech company for their Central Bank-backed Digital Currency (CBDC) ventures.
Anthony Welfare, a senior advisor at Ripple, recently disclosed that the blockchain startup is working on several CBDC pilot projects for countries, including Bhutan and the Republic of Palau.
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In a recent interview, Welfare stated, “Ripple has many CBDC pilots in ongoing, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.”
The main goal of RippleX, he continued, is not just to enable developers to build on the XRP Ledger but also to collaborate with leading businesses and nations on various projects, including CBDC.
“Crypto is in our DNA at Ripple; our RippleX business unit is focused on making it easy for developers to build on and with the XRP Ledger, as well as collaborating with others in the crypto industry on use cases like CBDCs and NFTs (also known as tokenized assets),” Welfare said.
Other XRP holders were aware of the development because popular Ripple enthusiast Crypto ERI tweeted about it. Interestingly, the tweet also caught Welfare’s notice, revealing that Ripple will be making additional CBDC announcements in the upcoming weeks.
"Ripple has several pilots in the progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau." – @AntonyWelfare
Several: More than two and fewer than many. 😉 In progress.https://t.co/VqLGkhgOFh pic.twitter.com/DbdiXVwtOl
— ☀🌸Crypto Eri 207k Followers (beware of imposters) (@sentosumosaba) September 6, 2022
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Importance of the Initiative
Given the significance of the initiative to the crypto asset, Welfare’s remark is seen as crucial by XRP holders. The company mentioned in a recent video that all future CBDC solutions would use XRPL for cross-border payments.
The Ripple Team stated:
“At ripple, we help governments design and launch central bank digital currencies or CBDC; we also enable governments and central banks globally to create new, high-performance financial infrastructures built on blockchain technology.
“Modern, safe, centralized, and scalable technology powers these national currencies. These CBDCs will make it possible for central banks to carry out their monetary policies more effectively and efficiently.
“Working with hundreds of financial institutions, decision-makers, and regulators, the Ripple team offers a wealth of experience to every new CBDC solution. As a result, our solutions enable billions of dollars in cross-border payments globally.
“The XRP ledger, one of the most reliable, long-lasting, and open-source blockchain technologies, is the foundation for Ripple’s CBDC solution (XRPL).
“The CBDC blockchain applications work perfectly with the XRP ledger technology. It is fast, takes two to three seconds for transactions to complete, and is easy to customize and program. Having completed more than 72 million transactions since 2012, it is reliable.
“The intrinsic feature of the ledger for issuing virtual currencies lessens the need for custom programming and lowers the risk. As one of the first carbon-neutral blockchains, the technology is also sustainable. Each pilot is fully customizable and tailored by an experienced team to the central bank’s requirements.
“The adoption and usefulness of the XRP coin, which has been drastically declining due to the current dispute between Ripple and the SEC, will improve when more countries choose Ripple as their official CBDC partner.”
