Cryptocurrency

Ripple CTO confirms its CBDC Platform’s ability to use XRP token

Ripple CTO David Schwartz confirmed that the company’s CBDC platform can interact with XRP Ledger (XRPL) and XRP tokens.

The company update We detailed the project improvements on the CBDC platform on May 18th.

Crypto publication Blockworks picked up on the story, revealing that the CBDC platform “does not require XRP to work” and that the central bank does not use or manipulate the token, a Ripple spokesperson said. He detailed his e-mail exchanges with

In response, members of the XRP Army created a storm by criticizing Blockworks for inaccurate reporting. However, as the author of Blockworks, Catherine Ross It is factually correct that the CBDC platform does not use XRP and the central bank does not use XRP to operate the platform.

However, the headline we posted was not misleading, stating that there is no direct need for XRP. Yes, central banks have an “option” to interact with and utilize XRP, but as I reported, banks using the platform “do not” have to use it.

XRPL and XRP can interact with CBDC platforms

Schwartz The CBDC platform will work on the “same core technology” as XRPL and will be able to connect to XRPL and use XRP tokens, he said.

have the ability to interact with #XRPL We also use XRP as a bridge currency for inter-currency and cross-border payments.

it was put in Schwartz said having a bridge option to XRPL is not the same as a central bank using XRPL or XRP in its day-to-day CBDC platform operations.

Ripple CTO Admitted There is no guarantee that the central bank will use this bridge. However, he argued that the company’s approach was to “remove technical barriers” and allow users to use XRP if they wanted to, not to force the issue. . This improves the product experience, Schwartz said.

We would never recommend building a product that requires the use of XRP (unless it’s an XRPL feature). Because that’s why I don’t use the product. ”

Ripple CBDC Platform

An update to the CBDC platform reveals that Ripple has improved speeds, reduced costs and shortened settlement times since first announcing the project a year ago.

He also noted that Ripple is working with more than 20 countries, including Palau and Montenegro, to deploy their respective CBDCs.

XRP hit an 18-day high on Thursday on the back of topical events such as Ripple’s acquisition of cryptocurrency custody firm Metaco in recent days.

However, XRP’s 24-hour performance was flat at the time of writing (in the midst of the overall market downturn).

Ripple’s CTO has confirmed that the CBDC platform will be able to use the XRP token that first appeared on CryptoSlate.

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