The global adoption of XRP Ledger, one of the most popular services in the global blockchain ecosystem, received a major boost on Tuesday after the Republic of Palau announced a collaboration with Ripple for its national digital currency.
The newly announced partnership with Ripple will focus on the development of strategies for cross-border payments along with a USD-backed digital currency for the country. Moreover, Palau is exploring several other use cases through the XRP Ledger (XRPL).
The latest announcement from Ripple came nearly one week after LuLu Exchange and Bank Alfalah collaborated to boost cross-border payments through RippleNet. XRP Ledger and RippleNet gained significant popularity among global financial firms during the first 10 months of 2021.
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“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said President Surangel Whipps Jr. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”
In September 2021, Ripple introduced a $250 million creator fund to support NFTs on the XRP Ledger. As a result of the company’s recent initiatives to increase the use of XRPL, the overall XRP Ledger transactions touched 88.8 million in Q3 of 2021. Earlier this year, Ripple collaborated with Bhutan’s Central Bank for the country’s central bank digital currency (CBDC).
Through the recent partnership, the Republic of Palau aims to make cross-border transactions secure and cost-effective. “We are excited to be working with Palau to achieve its financial and climate-related goals. We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,” James Wallis, VP of Central Bank Engagements at Ripple, highlighted in the press release.