Ripple has made great strides in expanding the utility of its digital assets, XRP currency worldwide. A new report from Tokenicer shows that institutions are now deploying XRP on all seven continents.
This puts an end to the debate about Ripple’s robustness, versatility, and potential, particularly the ongoing litigation in the United States courts. While regulations are still being clarified, Ripple’s partnerships have done quite well outside the US, as evidenced by the growing adoption of the technology.
XRP: Global Partnerships by Ripple
The research highlights several partnerships that have emerged in regions such as South America and Europe. For example, the Bank of Colombia has tested its Central Bank Digital Currency, CBDC, on Ripple’s platform, a commitment to upgrading the modes of financial transactions.
Since Ripple’s partial win over the SEC last year, we’ve seen incredible momentum.
While the US is still slowly dawdling..
However, this has not stopped Ripple from further expanding globally.
Today we look at how Ripple $XRP & XRPL is becoming massively… photo.twitter.com/qXCWSkZyDP
— 🥖Tokenicer✲⥃⬢ (@Tokenicer) August 17, 2024
In Brazil, Ripple is partnering with the National Federation of Associations of Central Bank Servers to improve payment systems and treasury management.
In Europe, Ripple has partnered with Clear Junction to facilitate cross-border payments from the EU to the UK. This is significant as it operates under the supervision of the Financial Conduct Authority, making Ripple a compliant partner in this important market. The Central Bank of Montenegro is testing Ripple’s CBDC platform, further strengthening its position in Europe.
XRP market cap currently at $33.5 billion. Chart: TradingView.com
Strong presence in Asia and the Middle East
Much of Ripple’s focus is on Asia, particularly due to its long-term partnership with SBI Holdings. Such a partnership would enable the use of XRP for cross-border remittances to the Philippines, Vietnam, and Indonesia, as these markets emerge as the largest recipients of remittances in the world.
Additionally, Ripple managed to obtain a Major Payment Institution license from the Monetary Authority of Singapore, which would further increase the scalability of its services in the region.
XRP up in the last seven days. Source: Coingecko
Ripple’s biggest gains are in the Middle East, with a greater concentration in Dubai. The partnership with the Dubai International Financial Centre has paved the way for blockchain adoption in the UAEThe company also formed alliances with Egypt’s major banks to enable blockchain-based payments and experimented with NFTs.
Focused on Africa and Oceania
Another important region that Ripple is focusing on, particularly in terms of strengthening pan-African payment systems, is Africa. The partnership with Onafriq seeks to improve remittance capabilities both within and outside the continent. This becomes particularly important in a region where the majority of the population is not served by traditional banking services.
It has made notable progress in Oceania, particularly in the Republic of Palau, which will serve as a test case for a stablecoin pegged to the US dollar on Ripple’s CBDC platform. Novatti is in turn launching a fiat-backed AUD stablecoin on the XRP Ledger, further strengthening Ripple’s presence in Australia.
A study by Tokenicer shows that Global Interest in XRP has begun to rise. In stark contrast, while Ripple’s global expansion campaign—despite U.S. regulatory challenges—is indicative of the cryptocurrency’s greatest potential to revolutionize cross-border transactions, continued institutional adoption will drive demand for XRP higher, potentially securing its status in the global financial system.
Main image of DALL-E, chart from TradingView