Ripple, the provider of digital remittance technology, today announced its partnership with the nonprofit Digital Pound Foundation. The foundation is working on the development and implementation of a Digita Pound in the UK. Ripple would join as a founding member and support the development process with its many years of experience in facilitating cross-border transactions.
Ripple is represented by Susan Friedman, Head of Policy, who oversees the design and implementation process.
“We are excited to help design and implement a digital pound in partnership with the Digital Pound Foundation,” said Friedman. “The Foundation will help achieve the UK’s goal of building a more inclusive and sustainable financial system.”
Given the growing demand for CBDCs from nearly 80% of countries around the world, the fintech company’s latest partnerships could help it become a leading infrastructure developer in the CBDC sector too.
Ripple continues to enter into new global partnerships
Ripple is currently embroiled in a very high profile and media frenzy lawsuit with the SEC. The SEC has accused it of distributing and selling an unregistered security in the form of XRP. Despite the ongoing lawsuit, Ripple continues to forge new international partnerships and strengthen its position as a leading global provider of fintech solutions.
Ripple would leverage its years of experience working with central banks around the world and play a key role in defining the functionalities of the coming digital pound. This is the second CBDC partnership for the crypto company this year. The first came in the form of Bhutan, where a strategic partnership was signed with the Royal Monetary Authority (RMA) to test retail, cross-border and wholesale payment use cases for a digital ngultrum.
As the SEC lawsuit nears its end, Ripple’s progress outside of the US could make the outcome of the case irrelevant. However, it is sure to win the lawsuit and dominate the US market as well.
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About the author
As a graduate engineer, Prashant focuses on the British and Indian markets. As a crypto journalist, his interest lies in the introduction of blockchain technology in emerging countries.