Sunday, April 18, 2021

Ripple Takes Vital Step to Bring XRP Ledger to Central Banks

Despite the ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple, the payment firm has not lost focus on its aim to bring the XRP Ledger to central banks.

Over the past few days, Ripple executives such as David Schwartz, have been discussing the capability of XRP Ledger in relation to the issuance of stablecoins.

Read Also: David Schwartz: There Is A Connection between XRP Ledger and 1984 Epic Apple Game Rescue Raiders

Ripple Looks to Hire Central Bank Technical Partner Managers

According to a job posting, Ripple, the US-based payment firm, is looking to hire three central bank technical partner managers for each of its offices in San Francisco, New York, and London.

Whoever fills the new positions will be tasked with the responsibility of designing and deploying central bank digital currency (CBDC) projects.

The job posting reads in part as follows:

“The Technical Partner Manager will play a central role in growing Ripple’s engagements with Central Banks around the world by designing and then guiding the deployment of CBDC projects and solutions. You will be working closely with our engineering teams to ensure customer success. This role may be based out of any of our San Francisco, New York or London offices.”

According to Ripple, banks across the world can issue stablecoins on the XRP Ledger (XRPL):

“Built for payments, XRPL can also be used to support the issuance of stablecoins with a unique, fungible token functionality called Issued Currencies.

Issued Currencies is designed to be the ideal stablecoin platform, providing simple but rich management functionality for the issuer that makes it easy to create, issue and manage any asset – including stablecoins.”

Read Also: Ripple’s Lawyer Points out A Single Legal Question at the Center of SEC’s Lawsuit

A couple of days ago, the Office of the Comptroller of the Currency (OCC) announced that banks can now use stablecoins for payments while serving as a node on an independent node verification network (INVN).

Meanwhile, the arch-rival of Ripple in the crypto ecosystem, Stellar Development Foundation, sealed a deal with the government of Ukraine to build the digital form of the country’s national currency. Probably, Ripple is seeing this as a challenge to push further in order not to lag behind as the era of central bank digital currencies (CBDCs) closes by.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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