Blockchain & Crypto

Ripple Rolls Out CBDC Platform

Ripple has announced the introduction of a comprehensive CBDC platform.

Ripple Rolls Out CBDC Platform

Source: Pixabay.com

This platform is intended for central banks, other financial institutions, and governments. The financial space of the company allows launching the release of digital currency and stablecoins.

The platform is universal in terms of use cases. In this case, wholesale and retail CBDC in the private registry and the release of stablecoins are provided. The platform includes registry technology, the issuer’s capabilities for minting, distributing, redeeming, and destroying tokens, interdepartmental settlement and distribution functions, and end-user wallets.

Ripple is a participant in the CBDC and stablecoin testing programs. In the context of relevant activities, the company cooperates with the Republic of Palau, the Central Bank of Montenegro, and the Royal Monetary Authority of Bhutan.

The firm is also in a state of judicial showdown with the Monetary Authority of Hong Kong and Fubon Bank. This process is necessary to realize the company’s desire to demonstrate the project of tokenization of real estate assets and the issue of shares under the first pilot program of the central bank e-HKD.

James Wallis, vice president of the firm for interaction with central banks and CBDC, says that the company is a reliable partner of central banks. He also stated that the use of a new platform designed for the digital currency will solve the problems of many state creditors and governments that are currently developing technological strategies and plans for the implementation of CBDC.

The innovative capabilities of the platform, according to James Wallis, will help to provide instant settlement of both domestic and cross-border payments. Also, in this case, the level of risk is reduced. Another advantage is to improve the user experience of sending and receiving digital currency from both sides of the corresponding process.

The company announced the launch of a platform for a new generation of currencies shortly after the acquisition of the cryptocurrency provider Metaco.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.