The cryptocurrency industry has been working on building its utility. Several firms in the industry have been venturing outside to aid governments and businesses in digitizing finance. Ripple, a prominent blockchain firm has been reportedly collaborating with over 10 governments to build central bank digital currency [CBDC]. The CEO of the firm, Brad Garlinghouse, revealed Ripple’s direct partnership with these governments. Garlinghouse said,
“A central bank digital currency is a stablecoin. It’s just issued by the government. But I also think there’ll be stablecoins outside of that. But as we’ve already talked about, it’s important, I think, to have clear regulatory guidelines as to how those will work and to make sure they are safe for consumers, make sure they are safe for counterparties, et cetera,”
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Ripple’s venture came as a shock to many. But most were glad that the firm was moving beyond the cryptocurrency industry. It should be noted that Garlinghouse made these remarks at an event in October 2023. The clip from that occasion has been surfacing as it sheds light on Ripple’s endeavors. Governments will be able to benefit from Ripple’s solutions. Cost-effective methods of implementing cross-border transactions with financial transparency will be employed.
Will XRP Witness a Surge?
The work that Ripple is doing to support other industries may contribute to the price of XRP. Following a daily increase of 0.49%, the cryptocurrency was trading at $0.4949, at press time. But like other assets in the market, XRP saw a major decline throughout the week. The altcoin may benefit from several factors. This includes the market sentiment, a positive outcome of its case with the Securities and Exchange Commission [SEC], and Ripple’s progress.
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