Great news! Everything is getting in place for the Ripplenet ecosystem to be fully utilized...XRP will be the neutral digital bridge for the QFS. Many like to say that XRP isn’t being utilized but the day is coming where it will used in ways we never considered. Just like how the XRP security narrative got squashed so will this one.
“As Cointelegraph reported earlier this month, Ripple incubator and investment arm Xpring has distributed $500 million to OVER 20 XRP PROJECTS— including the blockchain-based gaming platform Forte — since its launch in May 2018. The aim of the incubator is to fund the development of use cases for Ripple’s XRP token.”
The World Economic Forum (WEF) is looking at Ripple’s native currency, XRP, as the most relevant cryptocurrency in the emerging central bank digital currency (CBDC) space.
In a report published early this year, the WEF says that central banks and government agencies are looking at the potential of CBDCs to solve perennial global financial issues such as financial inclusion and the stability of payment systems. The Geneva-based international organization also made a clear distinction between CBDCs and cryptocurrencies.
“CBDC is a digitized version of sovereign currency, created and issued by, and a liability of, the country’s monetary authority. CBDC differs from other forms of digital or virtual currencies, including cryptocurrencies such as Bitcoin and ‘stablecoins,’ which are not issued by central banks or typically considered legal tender.”
Although the WEF is drawing a clear line between the two forms digital assets, it names XRP as the most relevant cryptocurrency in the wholesale CBDC space for intra or inter-bank payments and settlements.
In a recent blog post, Ripple notes that central banks around the world are locked in an arms race to develop their own CBDCs. The payments startup also explains how central banks can leverage XRP to facilitate and support the use of CBDCs.
“RippleNet’s On-Demand Liquidity service allows financial institutions to transact in real-time across multiple global markets using the digital asset XRP and such a solution can also support the direct exchange of CBDCs. XRP is faster, less costly, and more scalable than any other digital asset, making it the ideal instrument in bridging two different currencies quickly and efficiently.”
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