XRP Will Play an Important Role after Launch of Digital Dollar claims Ripple CEO

According to Brad Garlinghouse, CEO of Ripple, XRP could serve its purpose in the best way when the central banks will roll out their respective central bank digital currencies.

It is the need of the hour that central banks across the world will have to onboard themselves over digital evolution, which is happening right now. While sharing his ideas in an interview with the podcast, known as The Scoop, he said the central banks began launching their own digital currencies keeping in mind the liquidation factor, which is very crucial for both banks and users. He then argues that the relationship or compatibility between different state digital currencies is very important and a challenge for the governments.

The Bridge between Two CBDCs

Garlinghouse says the company is working over making XRP a bridge between different central bank digital currencies and to make it a common cryptocurrency for cross-border transactions. “The point is to enable a lot of efficiency and liquidity between XRP and the US dollar, and XRP and the Australian dollar. So just using stablecoins doesn’t really solve the problem that XRP is solving,” he added.

The race towards the launching of central bank digital currencies is continued among the central banks of different countries. According to a report, more than 70% of central banks are making significant efforts in the launch of a state-based digital currency. Some governments are at the final stages of the development of a digital version of fiat currency. For instance, the government of China has launched various pilot programs to roll out digital yuan for the public.

Ripple is also looking for other efficient ways that could make cross-border transactions seamless, faster, and transparent. “We will certainly enter other vertical markets and we won’t just be a cross-border payments solution,” he stated.

Blockchain technology is the only solution that can make transactions more improved by removing friction in the whole process. On the cross-border transactions system, Ripple has partnered with more than 300 banks across the world.

Leave a Reply

Your email address will not be published.

Related

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]

Cardano (ADA) Whales on Panic Selling Mode: Here’s Why

  Cardano’s price appears to hold the line following the 57% slump to $0.384. Nevertheless, the immediate obstacle at $0.677 might limit further recovery by ADA. A daily candle closing beneath $0.397 will annul the already precarious optimistic tale. Cardano sees its price staying well beyond the latest swing low that printed a possible bottom […]

European Regulators Concerned Over Terra Price Crash

The Recent Terra Drop Portrays Private Instruments as Just an Illusion Panetta in a statement noted that recent developments in the crypto industry show that believing in the usage of private instruments as money is just an illusion, since they cannot be exchanged at the same value as public funds at any time. He also […]