Ripple Partners with Bhutan’s Central Bank, XRP Jumps

Ripple, one of the world’s leading Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term firms, recently announced a collaboration with the Royal Monetary Authority (RMA), the central bank of Bhutan. According to the partnership, the central bank will use Ripple’s CBDC solution to enhance financial inclusion and sustainability. Following the recent announcement, the price of XRP jumped significantly.

Bhutan is planning to expand its digital and cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term infrastructure through Ripple’s innovative technology. The country will use Ripple’s solution to pilot a central bank digital currency in different phases. The CBDC solution of Ripple leverages a private version of the public, open-source XRP Ledger (XRPL).

Since the start of 2021, the adoption of XRP Ledger has increased substantially. The company’s CBDC solution is energy efficient. Ripple also highlighted that its central bank digital currency solution is extremely cost-effective and reliable.

“The RMA believes that easier, faster and more affordable payments, both domestically and internationally, will help it reach its goal of increasing financial inclusion by 85% by 2023. The power of the technology underlying the XRP Ledger, combined with Ripple’s experience in cross-border payments and tokenization, will harness the tremendous speed, cost and innovation advantages in support of this mission,” Ripple mentioned in the latest announcement.

In May 2021, Dubai’s Lulu Exchange and the National Bank of Egypt partnered through RippleNet for the smooth execution of cross-border payments from the United Arab Emirates (UAE) to Egypt.

Ripple’s Announcement and XRP

As a result of the recent announcement from Ripple, the price of XRP jumped by more than 10% in the last 24 hours. XRP is now trading above $1 with a market cap of over $47 billion. XRP is the world’s 6th largest cryptocurrency. Last week, the overall market cap of XRP jumped above the total value of Solana (SOL).

Historically, Ripple’s partnership announcements had a positive impact on the price of XRP. In August 2021, the cryptocurrency crossed the market cap of $40 billion after GME’s RippleNet announcement.