Ripple has made great strides in expanding the usability of its digital assets, XRPs around the world. A novel report from Tokenicer shows that institutions are now adopting XRP on all seven continents.
This ends the debate on the robustness, versatility, and capabilities of Ripple, especially the ongoing lawsuits in US courts. The regulations have not been clarified so far, but Ripple’s partnerships are doing quite well outside the US, as seen in the growing acceptance of the technology.
XRP: Ripple Global Partnerships
The research highlights various partnerships that have emerged in regions such as South America and Europe. For example, the Bank of Colombia tested its central bank digital currency, CBDC, on the Ripple platform, a commitment to improving financial transaction modes.
Since Ripple’s partial victory over the SEC last year, we have seen incredible momentum.
While the United States continues to drag its feet…
However, this did not stop Ripple from further expanding its operations around the world.
Today we will take a look at how Ripple works $XRP & XRPL goes massive… photo:twitter.com/qXCWSkZyDP
— 🥖Tokenicer✲⥃⬢ (@Tokenicer) August 17, 2024
In Brazil, Ripple is working with the National Federation of Central Bank Server Associations to improve payment systems and treasury management.
In Europe, Ripple has partnered with Clear Junction to facilitate cross-border payments from the EU to the UK. This is crucial because it operates under the supervision of the Financial Conduct Authority, making Ripple a compliant partner in this key market. The Central Bank of Montenegro is testing Ripple’s CBDC platform, further strengthening its position in Europe.
XRP market cap currently at $33.5 billion. Chart: TradingView.com
Robust presence in Asia and the Middle East
Much of Ripple’s attention has been focused on Asia, especially in the context of a long-term partnership with SBI Holdings. Such a partnership would enable XRP to be used for cross-border remittances to the Philippines, Vietnam, and Indonesia, as these markets are becoming some of the largest recipients of remittances in the world.
Furthermore, Ripple has been granted a Major Payment Institution license by the Monetary Authority of Singapore, which would aid further scale Ripple’s services across the region.
XRP up in the last seven days. Source: Coingecko
Ripple’s biggest gains are made in the Middle East, with a particular focus on Dubai. A partnership with the Dubai International Financial Centre paved the way blockchain adoption in the uaeIt has also formed alliances with major Egyptian banks to enable blockchain-based payments and experiment with NFTs.
Targeting Africa and Oceania
Another key region that Ripple is focusing on, especially in the context of strengthening pan-African payment systems, is Africa. The partnership with Onafriq aims to improve remittance options both within and outside the continent. This becomes very crucial in a region where a enormous part of the population remains unserved by time-honored banking services.
It has made remarkable progress in Oceania, especially in the Republic of Palau. This will be a test case for a US dollar-linked stablecoin on Ripple’s CBDC platform. Novatti, for its part, is launching a fiat-backed AUD stablecoin on the XRP Ledger, further strengthening Ripple’s presence in Australia.
Research conducted by Tokenicer shows that global interest in XRP began to grow rapidly. In pointed contrast, while Ripple’s global expansion campaign — despite U.S. regulatory challenges — points to the cryptocurrency’s highest potential to revolutionize cross-border transactions, continued institutional adoption will see demand for XRP soar, potentially earning it status in the global financial system.
Featured image from DALL-E, Chart from TradingView
