Ripple, a cryptocurrency solutions company, today announced the launch of Ripple Central Bank Digital Currency (CBDC) Platform, a comprehensive solution for central banks, governments, and financial institutions to issue their own CBDCs.
The platform utilizes the blockchain technology of the XRP Ledger (XRPL) to manage the life cycle of CBDC transactions and distributions.
Aimed at enhancing financial inclusion and reducing costs and risks in payment processes, the Ripple CBDC Platform allows users to create and manage their digital currencies effectively.
The platform seeks to digitize financial services, extending financial access to millions of unbanked individuals worldwide. “Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation,” said Surangel Whipps Jr, President of the Republic of Palau.
The platform can be used for various use cases, including wholesale and retail CBDCs on a private ledger, or issuing a stablecoin. It offers ledger technology, issuance control, operator function, and end-user wallets.
This initiative allows seamless management of digital currency transactions from minting to distribution, and final redemption or destruction.
Ripple’s CBDC Platform was recently top-ranked by Juniper Research and CB Insights in their competitive leaderboards.
“The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve user experience,” said James Wallis, VP of Central Bank Engagements & CBDCs at Ripple.
BusinessNewsAsia