Ripple partners with Digital Pound Foundation for CBDC Development

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On October 14, Ripple announced that it is partnering with the non-profit Digital Pound Foundation. Digital Pound Foundation is working on the creation and implementation of a Digital Pound in the United Kingdom. 

The Digital remittances technology provider Ripple will join as the founding member of the idea and, with its huge experience in cross-border transaction offerings, will help in developing the same. 

Susan Friedman, the head of the policy, will lead the team and look over the design and implementation.

Friedman said that the company is excited to support the idea and work towards the goal of implementing digital Pound by joining hands with the Digital Pound Foundation. He added that the foundation is capable enough to help the UK achieve its goal of making a sustainable financial system.

Ripple has been partnering with many companies like Nelnet, which is expanding its popularity. The increasing demand for CBDCs from around 80% of the nations around the globe might make Ripple the largest infrastructure development in the CBDC sector.

Ripple continues to join new hands

Currently, Ripple is in the headlines for its involvement with a high-profile lawsuit with the US SEC, which has accused it of unregistered security sale in the form of XRP token.

Despite the painful lawsuit, Ripple continues to expand its partnerships and solidify its position as a global leader in the fintech world.

Ripple’s years of experience working with various regulators, including various central banks, would play a key role in implementing the proposed digital Pound. Ripple has already partnered with Bhutan for the CBDC development this year. It had signed a strategic agreement with the Royal Monetary Authority (RMA) to look into cross-border, retail, and wholesale payment use cases for CBDC, Digital Ngultrum.

With the recent speed, it seems like the lawsuit will end soon, and Ripple’s progress would not be affected by the case. 

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