Ripple CBDC platform enables governments, financial organizations, and central banks to create their own digital money.
Governmental organizations can control and tailor the full life cycle of the Central Bank Digital Currency, including token minting, distribution, redemption, and burning, using the Ripple platform.
Using the CBDC, financial institutions would be able to oversee and take part in inter-institutional settlement and distribution activities.
Both wholesale and retail CBDCs, which can also conduct offline transactions, can be issued by central banks.
Ripple CBDC platform
The platform was created in 2021 for the purpose of issuing CBDCs and is an improved version of Ripple’s Private Ledger.
Ripple CBDC platform was created on a new private ledger, however it is powered by the XRP Ledger.
In the e-HKD pilot, a project managed by the de facto central bank of Hong Kong, the Hong Kong Monetary Authority, Ripple will demonstrate the use cases for its platform.
Additionally, as part of the e-HKD pilot, Ripple is collaborating with Taiwan’s Fubon Bank to develop a product for the tokenization and distribution of equity in real estate assets.
About Ripple
Ripple is a crypto solutions provider that revolutionizes how value is managed, moved, and tokenized in society.
Faster, more transparent, and more cost-effective, Ripple’s business solutions eliminate inefficiencies that have long characterized the status quo.
Additionally, Ripple uncovers use cases where crypto technology will spur fresh business ideas and open up new opportunities with the help of partners and the greater development community, one of which is the launching of a CBDC platform.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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