The Ripple team faces a lot of tension in the space since the SEC lawsuit threatened its existence as a business. According to the US regulatory body, the fintech company allegedly sold unregistered securities to investors in a bid to deprive investors of some legal rights. Ripple’s CEO recently revealed the company’s unsuccessful efforts to settle things with the agency.
SEC filed the suit around Dec 12, meaning that the team will prepare for a court appearance by February concerning the allegations. Despite the case that caused a delisting of XRP on several exchanges, the crypto shows signs of recovery with its recent gains. Now, Ripple is taking another bold step to improve itself as a business by following procedures to take XRP ledgers to central banks.
XRP to hire central banks technical partner managers
In a recent announcement, the cryptocurrency firm revealed plans on employing three central banks technical partner managers to work under several branches of the company in the UK and America( San Fransisco and New York). Some technicality of recent development necessitated the new hire. The new hires have a duty of designing central bank digital currencies. Also, the company explains that central banks are allowed to issue stablecoins on the firm’s ledger.
The firm commented on stablecoins by mentioning that they created XRP ledgers for payments and can support those coins through a fungible token functionality called issued currencies. The explanation means that the ledger can hold the tokens through the creation of issued currencies.
Still speaking on the support, XRP revealed that issued currencies are an excellent stablecoin platform that is easy to use but gives impressive services to efficiently create or manage several assets. Stablecoins are usually pegged to real currencies, which provides them with some widespread acceptability, unlike some cryptos.
Banks to use stablecoins for transactions
The blockchain industry is finally getting some needed exposure as the office of the comptroller of the currency now allows banks to use stablecoins for payment, but with a relevant verification process. OCC, the regulatory body for banks in the US, acts as a watchdog against unwanted practices. The digital asset owned by Ripple, which is primarily used for cross-border payments, will hire up to 30 employees on its mission to bring XRP ledgers to central banks.
Ripple described XRPs as open-source and decentralized in nature, which banks can benefit from their incredible efficiency, speed, and scalability. Using the ledger, institutions admit that the digital asset’s momentum helps fast settlements than other digital currencies primarily because of scalability. The XRPL helps with cross-border payments by reducing the usual costs people pay when they send money abroad.
However, XRP still faces some hurdles based on its future legal battles, which could threaten the existence of efficient technology. The team shared a press release via Ripple site to speak on the firm’s innocence and how the watchdog lacked a clear regulatory framework, thereby confusing industry players. Still, the executives explain that they would work with Biden’s administration to settle problems.