Monica Long, heading Ripple, has observed a considerable increase in the uptake of XRP by U.S. banking institutions.

According to Monica Long, President of Ripple, the company has experienced a significant increase in the utilization of its XRP Ledger since it launched in 2012. podcast In a recent discussion titled Chain Reaction, she explored the company's progress, stressing its expanding influence in blockchain-based financial solutions.

One of Ripple’s standout innovations is its Central Bank Digital Currencies (CBDC) Platform, recognized for its ability to create, manage, transact, and even eliminate CBDCs and stablecoins. Long pointed out that this platform operates on a private ledger that has facilitated over 70 million transactions since its inception. XRP Ledger Currently, Ripple is partnering with more than 20 central banks worldwide, highlighting its dedication to promoting CBDC adoption. This collaboration is likely to significantly shape the future of global finance.

Discussing XRP's essential function in cross-border financial activities, Long explained that XRP serves as a bridge currency, offering financial institutions an efficient way to exchange both cryptocurrencies and fiat money. This feature positions XRP as a vital component for facilitating smooth international transactions.

Moreover, she noted that the increasing adoption of CBDCs by central banks might influence XRP's value, particularly if it remains a preferred bridge currency for CBDC transactions.

Ripple's Initiatives to Improve XRP Functionality

In November 2023, Ripple introduced a significant upgrade called fixNFTokenRemint to its XRP Ledger (XRPL)—a digital platform designed for managing transactions. This upgrade enhances the security and dependability of managing digital assets known as NFTs (Non-Fungible Tokens), which include unique digital creations like art and collectibles.

Furthermore, Ripple has implemented a security enhancement that prevents unauthorized account deletions in the ledger, bolstering protection against unauthorized access and potential security vulnerabilities. update Previously, there was a chance for duplicated identification numbers among NFTs, which could lead to conflicts or complications. By resolving this, Ripple seeks to create a more secure and error-resistant environment for managing these digital assets.

In the same month, Georgia's National Bank (NBG) unveiled a partnership with American blockchain payment firm Ripple Labs to advance the Digital Lari initiative.

The upgrade prevents an issue where NFTs This initiative aims to create a digital version of Georgia’s currency, the Lari, transforming it into an electronic format suitable for online payments, governmental transactions, and everyday use by citizens.

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Kumar is a seasoned tech journalist with expertise in the rapidly evolving interplay of AI/ML, marketing tech, and innovative sectors like cryptocurrency, blockchain, and NFTs. With over three years in the field, Kumar has built a solid reputation for creating engaging narratives, conducting meaningful interviews, and providing valuable insights. His skills encompass producing impactful content including articles, reports, and research papers for leading industry platforms. With a unique ability to merge technical know-how with storytelling, Kumar excels at articulating complex technological topics to varied audiences in an accessible and engaging way.