Ripple’s President Monica Long Reports Surge in XRP Adoption Across US Banks
In Brief
Ripple is engaged in collaborations with over 20 central banks worldwide and the adoption is surging, claims Ripple’s President Monica Long.
Blockchain-based digital payment network Ripple has seen a surge in the use of its XRP Ledger since its inception in 2012, said Monica Long, President of Ripple in a recent podcast named Chain Reaction. She further delved into the company’s advancements, highlighting its growing influence in the realm of blockchain-based financial solutions.
At the forefront of Ripple’s achievements is its Central Bank Digital Currencies (CBDC) Platform, which is known for its capabilities in minting, managing, transacting and destroying CBDCs and stablecoins. Monica Long mentioned that the platform leverages a private ledger derived from the XRP Ledger technology that has seen over 70 million transactions in the past decade.
Currently, Ripple is engaged in collaborations with over 20 central banks worldwide, emphasizing the company’s work towards increasing the adoption of CBDCs. The alliance with these central banks is anticipated to have a strong impact on the landscape of global finance.
While talking about the XRP’s crucial role in cross-border transactions, Ripple’s Long said that XRP operates as a bridge currency, providing financial institutions with a cost-effective solution for exchanging both cryptocurrencies and fiat currencies. This functionality positions XRP as a key player in facilitating seamless international transactions.
Additionally, she said that the widespread adoption of CBDCs by central banks could impact the price of XRP, especially if XRP continues to be utilized as a bridge currency for CBDC transactions.
Ripple’s Efforts to Enhance XRP Features
In November 2023, Ripple rolled out an important update to its XRP Ledger (XRPL) – a digital ledger or database for transactions – called the fixNFTokenRemint upgrade. According to the announcement, the new development brings enhanced security and reliability to the handling of digital assets known as NFTs (Non-Fungible Tokens). NFTs are unique digital items like digital art or collectibles.
Additionally, Ripple has added a security measure to restrict the deletion of accounts in the ledger, making it harder for unauthorized access and potential security threats.
The upgrade prevents an issue where NFTs could have the same identification numbers, making them clash or cause problems. By fixing this, Ripple aims to ensure that the system for handling these digital items is more secure and less prone to errors.
In the same month, the National Bank of Georgia (NBG) announced a partnership with American blockchain payments network Ripple Labs, to propel the development of the Digital Lari project.
It is a digital version of Georgia’s national currency, the Lari. It’s like regular money but in electronic form, designed to be used for online transactions, government operations, businesses, and by people for their everyday purchases and financial activities.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
