Ripple, a blockchain and crypto solutions provider, has launched a new platform to enable central banks, governments, and financial institutions to issue their own central bank digital currency (CBDC).
The Ripple CBDC Platform will be leveraging the same blockchain technology used on the XRP Ledger (XRPL).
The platform enables its issuers (e.g. central banks, monetary authorities or commercial banks) to manage the full life cycle of their fiat based digital currency, from minting and distribution to redemption and destruction.
This allows financial institutions who are holding significant amounts of the digital currency to manage and participate in inter-institutional settlement and distribution functions.
Users of digital currencies such as corporate and retail end users will be able to hold their digital currencies securely and be able to pay and receive payment for goods and services in the same way other payment and banking apps provide this today, including for offline transactions and non-smartphone use cases.
“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.”
said James Wallis, VP of Central Bank Engagements & CBDCs at Ripple.