Ripple will be used for the country’s digital currency.
The global adaption of XRP Ledger is boosted significantly on Tuesday after the Republic of Palau has partnered with San Francisco-based blockchain payments company Ripple for the country’s national digital currency.
The new collaboration with Ripple focuses on the strategy developments for cross-border payments. It will also be a USD-backed digital currency for the country. On the other hand, the country explores to find several other use cases through the XRPL.
The latest collaboration announcement from Ripple has come almost one week after Bank Alfalah and LuLu Exchange partnered with RippleNet to boost their cross-border payments. XRP Ledger and RippleNet get significantly popular among international financial companies throughout the first 10 months of 2021.
“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said President Surangel Whipps Jr. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”
Ripple, Eylül 2021’de XRP Ledger’da NFT’leri desteklemek için 250 milyon dolarlık bir yaratıcı fonu tanıttı. Since Ripple recently takes initiatives to increase the use of XRP Ledger, the overall XRPL transactions have reached 88.8 million in quarter three of 2021. At the beginning of this year, Bhutan’s Central Bank and Ripple collaborated for CBDC, the country’s central bank digital currency.
With the help of the recent partnership, the Republic of Palau aims to make cross-border transactions secure and cost-effective. “We are excited to be working with Palau to achieve its financial and climate-related goals. We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,” James Wallis, VP of Central Bank Engagements at Ripple, highlighted in the press release.
