Ripple Partners With Republic Of Palau To Develop National Digital Currency

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	28,348,647,775	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

28,348,647,775

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0017	0.33%	0.5197	0.5197	0.5198

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0017

0.33%

0.5197

0.5198

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5266	0.51564	0.5184	0.518	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5266

0.51564

0.5184

0.518

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:19:41	38.15	0.5197	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:19:41

38.15

0.5197

USD

Price x Volume	Volume	Base Symbol	Related Pairs
13,224,710.33	25,409,379.07	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

13,224,710.33

25,409,379.07

Ripple Partners With Republic Of Palau To Develop National Digital Currency

24/11/2021 10:00pm

NEWSBTC

Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price? Like El Salvador, the country does not have its own fiat currency or even a Central Bank. Its legal tender, instead, is the U.S. dollar. The partnership with Ripple will focus on developing a USD-backed digital currency, more like a stablecoin rather than a central bank digital currency (CBDC). This currency would help facilitate cross-border payments for the nation. Ripple Develops First-Ever Government-Backed National Stablecoin According to a Tuesday announcement by Ripple, the partnership will focus on developing strategies for cross-border payments. The implementation of this plan means that Palau would have the world’s first government-backed national stablecoin. Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership Ripple, with its experience in building global payment systems, plans to implement the national stablecoin in the first half of 2022. And also provide Palau with technical, business, design, and policy support. Palau’s President Surangel Whipps Jr. expressed pleasure about the partnership with Ripple to advance financial innovation and technology in the country. He also acknowledges the potential of blockchain technology in transforming the country’s economy. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.” Palau chose to create its digital currency on XRP Ledger (XRPL) as an alternative to central bank digital currencies (CBDCs). Being carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains is an added advantage. Additionally, the XRPL provides other benefits like scalability, speed, and low cost. XRP at $1.025 | Source: XRPUSD on TradingView.com “We are excited to be working with Palau to achieve its financial and climate-related goals,” said James Wallis, VP of Central Bank Engagements at Ripple. “We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.” This partnership is ideal, given both parties’ concerns for climate and the environment. Ripple’s Carbon Net-Zero Goal Last year, the leading provider of enterprise blockchain solutions for payments committed to carbon neutrality by 2030. Subsequently, Ripple co-created EW Zero, a tool to ensure sustainability in the blockchain industry. And the XRP Ledger Foundation was the first to use this tool. About two months ago, the company also partnered with Bhutan, the only carbon-negative country in the world, to develop its CBDC. Featured image by Financial Times, Chart from TradingView.com

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