Ripple has been making great strides in expanding the utility of its digital asset, XRP, Worldwide. A new report from Tokenicer shows that institutions are now deploying XRP across all seven continents.
This puts an end to the debate over Ripple’s robustness, versatility, and possibilities, especially despite the ongoing lawsuits in the US courts. However, in the absence of clarifying regulations, Ripple’s partnerships have been quite successful outside the US, which is evident from the growing acceptance of the technology.
XRP: Ripple's Global Partnerships
The research highlights various partnerships that have emerged in regions such as South America and Europe. For example, the Bank of Colombia has tested its central bank digital currency, CBDC, on the Ripple platform, a commitment to improving financial transaction modes.
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Since Ripple's partial victory at the SEC last year, we have seen incredible momentum.
While the United States continues to slowly delay the process…
However, this has not stopped Ripple from expanding further around the world.
Today we will see how Ripple works twitter.com/search?q=%24XRP&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$XRP And XRPL is becoming mainstream… image.twitter.com/qXCWSkZyDP
— Tokenicer✲⥃⬢ (@Tokenicer) twitter.com/Tokenicer/status/1824861120672469000?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>August 17, 2024
In Brazil, Ripple is working with the National Federation of Central Banking Associations to improve payment systems and treasury management.
In Europe, Ripple has partnered with Clear Junction to facilitate cross-border payments from the EU to the UK. This is important because it operates under the supervision of the Financial Conduct Authority, making Ripple a compliant partner in this key market. The Central Bank of Montenegro is currently testing Ripple’s CBDC platform, further consolidating its position in Europe.
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XRP market cap currently at $33.5 billion. Chart: TradingView.com
Strong presence in Asia and the Middle East
Most of Ripple’s attention has been focused on Asia, especially with its long-term partnership with SBI Holdings. Such a partnership would open up the use of XRP for cross-border remittances to the Philippines, Vietnam, and Indonesia, as these markets are growing and becoming the largest recipients of remittances worldwide.
Additionally, Ripple managed to obtain a Major Payment Institution license from the Monetary Authority of Singapore, which would further help expand its services across the region.
XRP up in the last seven days. Source: Coingecko
Ripple's main advances are taking place in the Middle East, with a major concentration in Dubai. The partnership with the Dubai International Financial Centre paved the way forcrypto-adoption/” target=”_blank” rel=”noopener nofollow”> Blockchain adoption in the UAEIt was also creating partnerships with major banks in Egypt to enable blockchain-based payments and experiment with nfts.
Africa and Oceania as a target
Another key region that Ripple is focusing on, especially in terms of strengthening pan-African payment systems, is Africa. Its collaboration with Onafriq seeks to improve remittance capabilities both within and outside the continent. This is of great importance in a region where the majority of its population remains unbanked.
It has made notable progress in Oceania, especially in the Republic of Palau. This will serve as a test case for a US dollar-pegged stablecoin on Ripple’s CBDC platform. Meanwhile, Novatti is launching a fiat-backed AUD stablecoin on the XRP Ledger, which will further strengthen Ripple’s presence in Australia.
A study by Tokenicer indicates that x.com/Tokenicer/status/1824861120672469000″ rel=”nofollow” target=”_blank”>Global interest in XRP
Featured image of DALL-E, chart from TradingView
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