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Ripple Partners With Republic of Palau To Create Digital Currency Strategy

On November 23, 2021, the global use of Ripple’s XRP Ledger, one of its most respected services, saw a significant boost. Furthermore, the increase came after the Republic of Palau announced a partnership with Ripple for its national digital currency.

In addition, the Republic of Palau and Ripple will work together to strengthen cross-border payment tactics and develop a USD-backed digital currency for the country. Palau is also looking at new applications for the XRP Ledger (XRPL).

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In fact, Ripple’s newest announcement occurred just over a week after LuLu Exchange and Bank Alfala teamed together to improve cross-border payments using RippleNet. XRP Ledger and RippleNet, on the other hand, gained significant traction among global financial organisations in the first ten months of 2021.

Surangel Whipps Jr., President of the Republic of Palau, 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.

James Williams, Ripple’s VP of Central Bank Engagement, also mentioned the firm’s enthusiasm in the news 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.

The Republic of Palau hopes to conduct cross-border business in a secure and cost-effective manner as a result of the recent agreement.

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