Ripple targets CBDC market dominance, leveraging blockchain expertise to reshape finance in a market projected to hit $213 billion in 7 years.
The Central Bank Digital Currency (CBDC) market is projected to hit a $213 billion valuation by 2030. Against this backdrop, Ripple has set an ambitious target of capturing a significant portion of the market. This thirst for growth is evidenced in several CBDC-focused initiatives.
The global value of CBDCs could grow dramatically from $100M today to $213B by 2030, according to a new report from Juniper Research.
The future of money is digital. Learn more about Ripple’s CBDC solutions. https://t.co/r6LIDCtJXg
— Ripple (@Ripple) May 28, 2023
Notably, a report from Juniper Research highlights the tremendous growth potential of CBDCs, as their global value is expected to skyrocket from the current $100 million to an estimated $213 billion within the next decade. This would mark a 212,900% increase in 7 years.
Ripple underscores this in a recent article, calling attention to its penchant for expansion in the industry. With the world rapidly shifting towards a digital financial landscape, Ripple has emerged as a frontrunner in offering innovative CBDC solutions.
The Crypto Basic recently disclosed that the Republic of Palau collaborated with Ripple to launch its native stablecoin – a project that is now live, running on the public XRP Ledger and utilizing XRP.
The recent Ripple article also highlights the company’s dedicated CBDC platform. Ripple rolled out the CBDC solution on May 18. The platform, which allows central banks and other financial institutions to develop their own digital currencies, represents Ripple’s efforts at penetrating the CBDC scene.
Moreover, Antony Welfare, the CBDC Advisor at Ripple, confirmed last month that Ripple is collaborating with the Central Bank of Montenegro to provide technical support for developing the country’s digital currency.
As reported by The Crypto Basic, Welfare also disclosed that Ripple was ranked as a top leader for CBDCs from 15 vendors.
Ripple’s desire to penetrate the CBDC scene was evident in September 2021 when it announced a partnership with The Royal Monetary Authority of Bhutan, the country’s central bank. The partnership would allow the country to pilot its CBDC on the private XRP Ledger. Ripple was also part of the panel which discussed CBDCs at this year’s DMI Symposium.
Ripple understands the potential of CBDCs and is looking to leverage this promise. Notably, Several central banks have already taken significant strides in their CBDC initiatives. For instance, Brazil’s Central Bank plans to launch its own CBDC in 2024, while the Bank of England has demonstrated its commitment to a Digital Pound.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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