- Republic of Palau partners with Ripple for digital currency strategy.
- The partnership will focus on the development of cross-border payments.
- James Williams, Ripple VP on Central Bank Engagement highlighted the press release.
The global adoption of XRP Ledger, one of the most reputable services of the blockchain firm Ripple, received a major increase on November 23, 2021. Moreover, the boost happened after the Republic of Palau published a collaboration with Ripple for its national digital currency.
In addition, the Republic of Palau and Ripple partnership will focus on the improvement of strategies for cross-border payments along with a USD-backed digital currency for the country. Besides, Palau is searching for some other use cases through the XRP Ledger (XRPL).
In fact, the latest announcement from Ripple came nearly one week after LuLu Exchange and Bank Alfala collaborated to boost cross-border payments through RippleNet. At the same time, XRP Ledger and RippleNet reached vital popularity among global financial firms during the first 10 months of 2021.
Meanwhile, Republic of Palau President Surangel Whipps Jr. said:
As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple. 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.
Furthermore, Ripple VP of Central Bank Engagement, James Williams also highlighted the firm excitement in the press release:
We are excited to be working with Palau to achieve its financial and climate-related goals. 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.
Through the recent partnership, the Republic of Palau intends to execute cross-border activities securely and cost-effective.