Ripple Bags Rare Award for its Role in CBDC Innovation

American blockchain payments firm, Ripple Labs Inc has inked a rare award for its role in bolstering innovation surrounding Central Bank Digital Currency (CBDC).

The Ripple Award

Taking to his official Twitter handle, Antony Welfare, the CBDC Advisor for Ripple Labs said the Currency Research outfit issued the award to the firm at the recently concluded 2023 Digital Currency Conference.

Per the Welfare revelation, the award is the first of its kind and it was issued to the company for its Advancement in Digital Currency, Best Sustainability Initiative. This is in recognition of the effort of the firm to help Central Banks around the world solidify their sustainable transition from fiat currency into a dual model backed by both fiat and CBDC or the digital version of the national currencies.

Bagging the award for sustainability is not surprising as the company has vital tenets enshrined in this great ethic since its inception. All of its products and services have been hinged on this foundation and the Central Bank of Bhutan acknowledged that the sustainability agenda of Ripple Labs is one of the reasons why it chose the firm to pilot its CBDC initiative.

Antony Welfare said the award will be a boost for the company to continue promoting its CBDC team to develop long-term sustainable solutions for all of its customers and partners.

Ripple is Pursuing Bigger Goals Beyond CBDC

Ripple Labs remains one of the most versatile blockchain startups in the broader Web3.0 world today. While it primarily caters to cross-border payments using the RippleNet and On-Demand Liquidity (ODL) service, the team of developers under the firm’s umbrella are now exploring diverse solutions through the XRPL protocol.

The XRPL is branded as a decentralized smart contract platform that is designed to harbor applications that can help bring real-world solutions to challenges being faced in the Web3.0 and broader fintech world.

The embrace of the XRPL has been impressive over the past year with Coingape reporting earlier that the protocol closed its 81 millionth ledger last week. Despite the hurdles it has had to face with the United States Securities and Exchange Commission (SEC), Ripple and its subsidiaries are seeing impressive growth and are being well rewarded for it.