Ripple shifts focus to CBDC projects and boost XRPL in 2023
The post Ripple shifts focus to CBDC projects and boost XRPL in 2023 appeared on BitcoinEthereumNews.com.
In a significant strategic shift, Ripple, the renowned U.S.-based fintech company, has increasingly focused on Central Bank Digital Currency (CBDC) projects in 2023. The company, traditionally known for its retail payment solutions, particularly through its On-Demand Liquidity corridors (ODLs), is now gaining traction in the CBDC space. This pivot was highlighted by a pseudonymous observer of the XRP Ledger and Ripple ecosystems, @WKahneman, who noted a surge in announcements related to Ripple’s involvement in CBDC projects. Ripple’s engagement in this domain is noteworthy, with the company securing several long-term strategic partnerships. It is crucial in developing government-backed digital currencies in various regions, including Georgia, Montenegro, Palau, and India. Furthermore, Ripple’s involvement extends to collaborations with prominent entities like the Digital Euro and Digital Pound associations and a technical partnership with Mastercard’s stablecoin program. This shift in focus may respond to the challenging regulatory environment in the United States, particularly the hostility from the U.S. Securities and Exchange Commission (SEC). Ripple eyes growth with XRPL’s AMM upgrade Parallel to Ripple’s foray into CBDCs, 2023 has also witnessed a significant increase in the number of Web3 developers working on the XRP Ledger (XRPL). This growing developer activity is poised to enhance XRPL’s capabilities, especially with the upcoming release of automated market maker (AMM) functionality. The AMM feature is under approval, slated for inclusion in the v1.12.0 release of XRPL’s client software. As of December 16, 2023, 17 out of 35 XRPL validators have voted in favour of this amendment, marking 48.57% approval. The addition of any more validators will secure a majority, paving the way for XRPL to evolve into a comprehensive ecosystem for decentralized finance (DeFi) and on-chain wallets. The enthusiastic engagement of developers in the XRPL ecosystem is a testament to the platform’s robustness and potential for innovation. This trend…
Filed under: News - @ December 17, 2023 8:48 pm