Remittance company Ripple announced on Thursday that it was launching a CBDC platform for the development of Central Bank Digital Currencies and Stablecoins.
Dubbed “the Ripple CBDC Platform”, it intends to provide a seamless means for governments and central banks to issue their own CBDC.
The Ripple team said:
The Ripple CBDC Platform a frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.
Leveraging the power of the same blockchain technology used on the XRP Ledger (XRPL), the enhanced platform will now allow its users to holistically manage and customize the entire life cycle of fiat-based central bank digital currency, transaction and distribution.
James Wallis, VP of Central Bank Engagements and CBDCs, added:
As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations.
The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.
The Ripple CBDC platform will further offer its customers the following:
- Ledger technology with the ability of each CBDC to have its own private ledger underpinned by the XRP Ledger’s core technology
- Enabling issuers to manage the full life cycle of the CBDC
- Allow financial institutions that hold a significant amount of the CBDC to manage and participate in inter-institutional settlement and distribution functions
- End user wallets that will function like regular banking apps