Ripple, has partnered with the Digital Euro Association (DEA- a Frankfurt-based company specializing in CBSCs, stablecoin, and crypto assets) to jointly work on central bank digital currencies (CBDCs). This collaboration marks a significant step in Ripple’s expanding role in the crypto ecosystem.
🚨 The digital euro is being tested on the #XRP private ledger.
David Schwartz: “The XRP price on the private ledger will be reflected on the public ledger once everything is fully tested.”https://t.co/JJKU9F0S9C pic.twitter.com/186DHwiaqB
— JackTheRippler ©️ (@RippleXrpie) September 11, 2024
Digital Euro Testing on XRP Ledger
The Digital Euro is currently being tested on Ripple’s XRP private ledger, a major development that highlights the blockchain’s growing widespread relevance.
David Schwarts, XRP’s Chief Technology Officer, stated “The XRP price on the private ledger will be reflected on the public ledger once everything is fully tested.” This integration between the private and public ledgers will ensure price consistency and hassle-free interoperability. This also showcases Ripple’s potential as a robust infrastructure provider for CBDCs.
XRP Ledger has achieved 1500 transactions per second (TPS) in 2022, which is a little less than that of Visa’s 1700 TPS but close enough to compete. Although the future TPS for XRP is unknown, these digital euro tests could be a way towards improvements.
With a future TPS of 200,000 for e-CNY and with Alipay operating at 500,000 TPS, Ripple might improve its infrastructure to stay in the competition.
James Wallis, VP of Central Bank Engagements at XRP, and Jonas Gross, Chairman of the Digital Euro Association, both expressed their excitement about combining expertise and resources to create a stronger digital currency in the future.
What does this mean for Ripple?
XRP’s involvement in CBDC development, along with projects like Bhutan’s Central Bank and now DEA, highlights its efforts to become the leading blockchain solution provider in the crypto market. If this integration is successful, it could serve as a powerful platform for XRP to endorse itself in the blockchain community and attract other banks for CBDC collaborations.
By combining Ripple’s technology and DEA’s leadership, the collaboration aims to provide a robust, secure, and scalable platform of digital currency for the public and private sectors.
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Source: https://www.cryptonewsz.com/ripple-partner-digital-euro-association-cbdc/