Ripple Set To Roll Out Private Blockchain For CBDC

Blockchain Cryptocurrency News Ripple (XRP)

Despite recent drawbacks resulting from its ongoing lawsuit with the Securities and Exchange Commission, Ripple has shown that it is still able to serve both its private and public users. Coming alongside a recent news of the positive movements of the coin, Ripple has announced a new development that would further ensure its dominance in the market.

In the latest update by the remittance company, it has announced a recent private ledger that would help banks to roll out their respective CBDCs. Central bank digital Currencies have been an ongoing issue in the financial space as banks upon banks worldwide are gearing up for a rollout of their own CBDCs. In the statement, the company announced that this ledger would only be used to facilitate payments instead of its other ledger.

The private blockchain promises fast and secure transactions

The official announcement contained a detailed update that contained how the new ledger will be used amongst the respective financial institutions. Another update that Ripple has mentioned is that in light of the recent update by countries worldwide to release their CBDC, this new update will enter the market before the end of this year.

The firm also mentioned that most blockchain was hosted publicly and can be used for anything but theirs would largely be used for payments. The firms also established that banks need to be careful of the kind of blockchain they use as a private one to serve them better. The XRP ledger has enjoyed immense success since it was first established, as the blockchain now boasts a couple of digital assets across the crypto market. This latest update shows that even though the company is riding on its success, it is well deserved.

Ripple still entangled with SEC in its lawsuit

To buttress the need for this, the company has pointed out how effective it would be for banks, especially in terms of cost, transaction fees, and speed. In terms of also praising its innovation, the firm has also highlighted how the blockchain would suit the bank’s needs in mass transactions. This means that the blockchain would handle thousands of transactions in minutes using an excellent scaling method to carry out its services.

Ripple is still battling the SEC in its lawsuit that has protracted since the last quarter of 2020. The firm was said to have hosted and sold unregistered securities, claiming that they had refuted since the accusation was levied. As predicted, their digital asset price reacted swiftly to the lawsuit, dropping as low as 60% in the first few days. The asset has stabilized well and has gone on to register gains in the past few days.

Leave a Reply

Your email address will not be published.