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Ripple, one of the first cryptocurrency companies to be sued by the U.S. Securities and Exchange Commission (SEC), continues to make strides despite the ongoing lawsuit. Recently, Ripple announced a new partnership aimed at securing sustainable momentum for XRP investors in the coming years. Ripple is ramping up its operations in Latin America by forming a partnership with the Central Bank of Colombia.
New Partnership from Ripple
Ripple‘s new partnership with Colombia’s Central Bank will concentrate on the application of blockchain technology in this South American nation. Banco de la Republica, in collaboration with the Ministry of Information and Communication, will test the pilot use of blockchain technology in domestic payment systems. Ripple’s Central Bank Digital Currency (CBDC) platform, a high-value transfer system, has indeed caught the attention of several central banks in recent years, and continues to do so.
Joe Vollono, Director of CBDC business development unit at Ripple, commented on the subject: “We have been having these discussions for over a year, and the current pilot application will be conducted in collaboration with Spain-based blockchain technology company Peersyst Technology. When we talk about a high-value transfer system, we generally refer to large-scale and bulk payments. Distributed ledger technology can provide benefits at many different points within this scope, and the main aim of the exploration with this partnership is exactly that.”
XRP Emphasis Not Forgotten
Ripple’s technology and platform allow for the cross-border transfer of large amounts of funds at very low transaction costs. Originally, Ripple developed XRP for this purpose and launched it to the market accordingly. Nonetheless, XRP quickly gained substantial momentum and secured its place among the leading cryptocurrencies. Ripple continues to enhance this technology, signing various partnerships with different countries including Hong Kong, Montenegro, Bhutan, and Palau.
In his statement on the matter, Vollono indirectly referenced XRP while highlighting the superiority of blockchain technology. XRP is used as an intermediary currency in some products, and large amounts of XRP can be bought and sold in hefty transactions. The conclusion of the SEC lawsuit could further highlight the importance of these partnerships for Ripple and XRP, which have already established a firm foundation.
