The World Bank published a report discussing Ripple’s Interledger and XRP. They pointed out that payment solutions using XRP are promising because they enable the exchange of currencies across different networks.
The World Bank talks about Ripple and XRP
Crypto influencer SMQKE shared World Bank Report on “Blockchain interoperability” which has been considered Ripple’s Interledgernoting that anyone can receive any currency of their choice using XRP. The bank described it as “very promising” for the payments domain as it enables the exchange of value between different payment networks.
The bank further stated that Interledger routes packets of value in the same way that the Internet routes packets of information. The World Bank report highlights how Interledger is addressing interoperability as the team has developed several such solutions settlement tracks for both crypto and non-crypto payments, with XRP being a major part of this solution.
It is worth noting that Ripple still adopts several payment standards, including ISO 20022 standardto ensure its payment solution can be applied to cross-border transactions. XRP is known to serve as a bridge currency, allowing users to send and receive any currency of their choice.
The report highlights the functions of nodes on the Interledger platform, in which XRP acts as a routerconnecting a USD sender and a recipient of another currency such as Bitcoin. This also applies to non-cryptocurrency payments, as you can send USD and receive another currency using XRP serving as a router.
Meanwhile, SMQKE mentioned that the payments company has previously collaborated with the World Bank to accelerate the modernization of its global payment settlement and back-end infrastructure. Ripple’s partnerships with several banks are one of the reasons why members of the XRP community believe that XRP can make strides in the global financial ecosystem. SMQKE recently released documents that showed Ripple integration to the European financial system.
The company is making progress in Africa
Ripple announced that it has partnered with Absa from South Africa to provide cryptocurrency custody services to a financial institution. XRP supporter lawyer – Bill Morgan pointed out that this development could mean a large win for XRP. He noted that Ripple’s cooperation with the bank does not concern only custody care, but seems to be related to a broader demand for Ripple payment solutions in Africa.
Morgan further noted that there is more information behind such announcements. It is worth noting that at the beginning of this year the company started cooperation with African fintech giant Chipper Cash integrate your payment technology with the platform. Ripple has also partnered with Yellow Card to introduce the RLUSD stablecoin to African users.
At the time of writing, XRP is trading around $2.40, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
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