- Ripple is rapidly expanding its international footprint through global partnerships and focusing on expanding the use of the XRP Ledger.
- Ripple is advancing in South America with its CBDC platform, collaborating with the Bank of Colombia and Brazil’s Fenasbac.
Blockchain startup Ripple has been making every possible effort lately to promote the adoption of its XRP Ledger and the use of XRP in the global financial markets.
Tokenicer, an enterprise blockchain researcher, recently stated that despite Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the company has been swiftly expanding its global partnerships and services in different regions outside the United States. As reported by Crypto News Flash, Ripple has signed 1,700 agreements with global financial players to boost XRP use.
Although America-based firms have been hesitant to partner with Ripple amid legal considerations, companies overseas have been quite flexible in adopting the Ripple technology. The XRP Ledger facilitates instant cross-border settlements by using Ripple’s native XRP cryptocurrency for settlements. As per the CNF report, Ripple is further expanding the use of XRP Ledger by working on stablecoin integration backed by Gold and Silver, moving beyond the boundaries of fiat settlements on XRPL.
Ripple Eyes Big Opportunity in South America and Europe
Ripple is seeing major advancements in the South American market, particularly with the release of the central bank’s digital currency (CBDC) platform. Last year, Ripple launched its CBDC platform, making it easy for central banks worldwide to quickly launch their CBDC, where Ripple does all the infrastructure-heavy lifting. As a result, the Bank of Colombia has been testing its CBDC on the Ripple platform.
Furthermore, Ripple has joined hands with Brazil’s National Federation of Associations of Central Bank Servers (Fenasbac), which seeks to boost the country’s financial sector through advancements in tokenization, payments, and treasury management.
Europe is another region where Ripple’s influence is growing gradually. Earlier this year, Ripple partnered with Clear Junction to facilitate instant cross-border settlements between the UK and the European Union, per the CNF report. This partnership, regulated by the Financial Conduct Authority (FCA), positions Ripple as a compliant and trustworthy European partner.
On the other hand, the Central Bank of Montenegro is also testing its CBDC on the Ripple platform, while Germany’s DZ bank integrated with Metaco, Ripple’s acquired digital asset custody firm.
Expanding into Asia and the Middle East for XRP Use
Ripple has always maintained a stronghold in the Asian and Middle East markets by working with partners such as SBI Holdings since 2016. This collaboration has led to key advancements for the blockchain startup, such as the use of XRP for cross-border remittances across Vietnam, the Philippines, and Indonesia. These countries are currently the fastest-growing remittance markets globally.
Furthermore, Ripple also secured an MPI license from the Monetary Authority of Singapore (MAS), which allows it to expand its services in the region. Ripple has also expanded its presence in the Middle East through its strong connections in Dubai. The company’s partnership with the Dubai International Financial Centre aims to advance blockchain adoption in the United Arab Emirates (UAE).
