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Ripple is rapidly expanding its international footprint through global partnerships and focusing on expanding the use of the XRP Ledger. Ripple is advancing in South America with its CBDC platform, collaborating with the Bank of Colombia and Brazil’s Fenasbac. Blockchain startup Ripple has been making every possible effort lately to promote the adoption of its XRP Ledger and the use of XRP in the global financial markets. Tokenicer, an enterprise blockchain researcher, recently stated that despite Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the company has been swiftly expanding its global partnerships and services in different regions outside the United States. As reported by Crypto News Flash, Ripple has signed 1,700 agreements with global financial players to boost XRP use. Although America-based firms have been hesitant to partner with Ripple amid legal considerations, companies overseas have been quite flexible in adopting the Ripple technology. The XRP Ledger facilitates instant cross-border settlements by using Ripple’s native XRP cryptocurrency for settlements. As per the CNF report, Ripple is further expanding the use of XRP Ledger by working on stablecoin integration backed by Gold and Silver, moving beyond the boundaries of fiat settlements on XRPL. Ripple Eyes Big Opportunity in South America and Europe Ripple is seeing major advancements in the South American market, particularly with the release of the central bank’s digital currency (CBDC) platform. Last year, Ripple launched its CBDC platform, making it easy for central banks worldwide to quickly launch their CBDC, where Ripple does all the infrastructure-heavy lifting. As a result, the Bank of Colombia has been testing its CBDC on the Ripple platform. Furthermore, Ripple has joined hands with Brazil’s National Federation of Associations of Central Bank Servers (Fenasbac), which seeks to boost the country’s financial sector through advancements in tokenization, payments, and…

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Filed under: News - @ August 21, 2024 11:18 pm