Breaking: Ripple Joins Digital Pound Foundation, Here’s its Role in CBDC Development
Ripple, the digital remittance technology provider today announced its partnership with the non-profit Digital Pound Foundation. The foundation is working towards the development and implementation of a Digita Pound in the UK. Ripple would join as the founding member and would help in the development process with its vast experience in facilitating cross-border transactions.
Ripple will be represented by Susan Friedman, Head of Policy who would look over the design and implementation process.
“We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation,” Friedman noted. “The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.”
Given the growing demand for CBDC’s from nearly 80% of the countries around the world, The fintech firm’s latest partnerships could help it become a leading infrastructure developer in the CBDC sector as well.
Ripple Continues to Forge New Global Partnerships
Ripple is currently involved in a very high-profile and media frenzy-led lawsuit with the SEC. The SEC has accused it of distributing and sale of an unregistered security in the form of XRP. Despite the ongoing lawsuit, Ripple continues to forge new international partnerships and strengthen its position as a leading global fintech solution provider.
Ripple would leverage its years of experience of working with central banks around the globe and would play a key role in defining the functionalities of the upcoming digital Pound. This is the second CBDC partnership for the crypto firm this year. The first came in the form of Bhutan where it signed a strategic partnership with the Royal Monetary Authority (RMA), to pilot retail, cross-border and wholesale payment use cases for a digital Ngultrum.
As the SEC lawsuit nears its end, the progress of Ripple outside the US might make the outcome of the case irrelevant. However, it is certain of winning the lawsuit and dominate the US market as well.
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