Ripple Becomes First Platinum Partner In Global CBDC Symposium

By Kevin • April 9, 2023 11:55 am • Comments

It has been well known that Ripple has already built itself a reputation when it comes to the central bank digital currency sector.

This is because it is one of the only crypto companies that offers a CBDC implementation platform and has previously acted as an advisor for CBDCs for multiple governments around the world.

More recently, it was just announced that Ripple has become the only crypto firm to become a platinum partner in the upcoming Digital Monetary Institute CBDC Symposium.

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This event focuses on the discussion of CBDCs and is attended by over 100 central banks and financial experts from all over the world.

Therefore, what is discussed at the event may very well paint an accurate picture on what regions will start to implement CBDCs in the near future and if Ripple will play any part in it.

CoinGape reports:

The event which has been attended by 126 central banks, U.S. Treasury and experts from across the digital financial sector has named Ripple as their sole “premium partner” for this year’s symposium.

In the minutes following the release of this news, the price of XRP increased by 0.35%.

The annual symposium, which is scheduled to begin on the 10th of May and will be a two-day event, is anticipated to attract participation from around 40 speakers who are members of OMFIF’s global community of public and private sector representatives.

These individuals include the likes of governors from the central banks of Israel, Ghana, and Italy, among others.

As one of the event’s primary speakers, Susan Friedman, who is currently the Head of Public Policy at the cryptocurrency company Ripple, will be there to promote the company’s vision for the larger fintech industry. The event is anticipated to be a pivotal gathering regarding CBDCs, money transfer regulation, decentralized applications (DApps) in business, and other related topics.

When it comes to Ripple’s history, this is not the first time that Ripple has gotten involved in high profile CBDC activities.

For example, the company has previously worked on other digital currency initiatives such as the possible creation of creating a digital Euro or the digital pound.

However, the fact that Ripple (XRP) is the only company to be named a platinum partner for this global event shows that the company is far ahead of all other competitors in the crypto space.

This is good news for the value of its native token XRP because it means that the amount of usage of the XRP network may soon skyrocket if XRPL is used in the implementation of any CBDCs in the future.

So far, the market price of XRP has reacted favorably to this recent news.

U.today concludes:

The discussions on the forum will cover the most crucial trends in CBDCs, crypto assets and stablecoins, cross-border payments and tokenization instruments.

Ripple is a technical and research partner of various notable CBDC initiatives across the globe. In recent months, it started collaborating with various concepts of digital Euro, digital Pound and so on.

Besides consulting and technical support, Ripple is also going to reveal private distributed ledger platforms for CBDCs based on XRP Ledger blockchain design.

As covered by U.Today previously, Ripple’s developments in this field unlock the opportunity for a fully interoperable CBDC network. It will significantly advance cross-border money flow and accelerate blockchain adoption.

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