Bitrabo Editorial
Ripple has been actively broadening the reach of its digital asset, XRP, on a global scale. A recent report by Tokenicer reveals that institutions are now embracing XRP across all seven continents.
This progress underscores Ripple’s resilience and adaptability, despite ongoing legal challenges in the United States. While regulatory clarity is still awaited, Ripple’s partnerships have flourished worldwide, as evidenced by the increasing adoption of its technology.
Ripple’s International Collaborations with XRP
The study highlights various collaborations emerging in regions like South America and Europe. For instance, the Bank of Colombia has piloted its Central Bank Digital Currency (CBDC) on Ripple’s platform, demonstrating a commitment to enhancing financial transaction processes.
In Brazil, Ripple is collaborating with the National Federation of Associations of Central Bank Servers to enhance payment systems and treasury management practices. In Europe, partnerships with entities like Clear Junction are streamlining cross-border payments between the EU and the UK, with oversight from the Financial Conduct Authority.
Expand in Asia and the Middle East
Ripple’s significant efforts are concentrated in Asia, notably with a strategic partnership with SBI Holdings towards enabling cross-border remittances to countries like Philippines, Vietnam, and Indonesia, which are major recipients of remittances globally.
In the Middle East, particularly Dubai, collaborations with the Dubai International Financial Centre are fostering blockchain adoption in the UAE. Partnerships with major Egyptian banks are also establishing blockchain-based payment solutions and experimenting with NFTs.
Focus on Africa and Oceania
Africa is a key region for Ripple, aiming to strengthen pan-African payment systems. Collaborations with entities like Onafriq are geared towards enhancing remittance capabilities within and beyond the continent, addressing the underserved financial demographics.
In Oceania, Ripple is making strides in the Republic of Palau, the site of a stablecoin pilot pegged to the US dollar on Ripple’s CBDC platform. Additionally, Novatti is launching an Australian dollar-backed stablecoin on the XRP Ledger, bolstering Ripple’s presence in Australia.
Research by Tokenicer indicates a growing global interest in XRP. Despite regulatory challenges in the US, Ripple’s expansive global initiatives showcase the cryptocurrency’s potential to revolutionize cross-border transactions. Continued institutional adoption is anticipated to drive XRP demand, potentially solidifying its position in the global financial landscape.
Image from DALL-E, chart from TradingView