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Ripple Partners With Republic of Palau To Develop Digital Currency Strategy -Breaking

by Mike Robinson

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Ripple Partners with Republic of Palau to Develop Digital Currency Strategy
  • Republic of Palau is a partner in digital currency strategy.
  • Partnership will concentrate on development of cross-border transactions.
  • James Williams (Ripple’s Vice President for Central Bank Engagement) highlighted the news release.

Global adoption of XRP Ledger (one of Ripple’s most trusted services) saw a large increase from November 23rd 2021. This boost also occurred after Ripple published a partnership with the Republic of Palau for their national digital currency.

Ripple partner Republic of Palau, in conjunction with Ripple Partnership will work to develop cross-border payment and digital currencies that are USD-backed for the country. Palau will also be exploring other uses for the XRP Ledger, (XRPL).

Ripple’s latest announcement came almost one week after LuLu Exchange, Bank Alfala and RippleNet collaborated in order to increase cross-border payments. XRP Ledger was also a huge success among financial institutions worldwide in the first ten months of 2021.

In the meantime, Republic of Palau President Surangel Wipps Jr. stated:

Ripple and we are proud to be a part of Ripple’s commitment to financial innovation. This partnership’s first phase will be focused on cross-border payments strategies and exploring the possibilities of creating a national digital currency to provide Palauans with better financial access.

In the press release, James Williams, Ripple’s Vice President of Central Bank Engagement, also highlighted the excitement at the bank.

We are thrilled to partner with Palau for its economic and climate goals. It is an amazing opportunity for us, with our combined technology and experience to help Palau achieve its unique economic and social goals.

Republic of Palau plans to secure cross-border activity cost-effectively and securely through the new partnership.

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