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Ripple Joins Mastercard Alliance for CBDC Development

Fri, 08/18/2023 - 10:03
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Godfrey Benjamin
Mastercard to explore CBDC innovation with Ripple, others
Ripple Joins Mastercard Alliance for CBDC Development
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Ripple Labs Inc is gaining more recognition for its innovations in the fintech world as American payments giant Mastercard Inc has onboarded the firm as part of its Central Bank Digital Currency (CBDC) alliance. As announced by Mastercard, Ripple will join other innovators in the fintech world, including ConsenSys, Fluency, Idemia, Fireblocks and Consult Hyperion, all of which are part of the alliance.

Ripple Partners With Industry Titans in Major Giveaway to Fuel CBDC Innovations

Expectations from alliance

According to Mastercard, the alliance is being convened to help bring a greater understanding of the benefits and limitations of CBDCs and how to implement them in a way that is safe, seamless and useful. Each of its partners brings something tangible to the table, and while Ripple's presence will bolster the understanding of the ease of CBDC deployment, entities like Fireblocks will contribute security insights to the alliance.

Ripple has expanded its role in the CBDC scene over the past few years as it looks to help central banks achieve their respective goals in this new niche. The company boasts of the fact that it has a responsive and scalable infrastructure that can support mass transaction throughput and customization.

Being a part of the Mastercard-backed alliance is at best a validation of its comparative innovation in pursuit of CBDC emergence.

Ripple Logs Another Major CBDC Partnership in Asia

Ripple's effort in CBDC pursuit

The move to become a global leader providing CBDC support to central banks has been an integral part of Ripple Labs' growth over the years. As reported earlier by U.Today, the company is known for inking a number of strategic partnerships to help fuel its CBDC agenda.

Prior to the Mastercard alliance, Ripple has been actively involved in the national digital currency pursuit for a number of central banks, including, but not limited to, Colombia and Bhutan. With the firm expanding its reach to other nations, it is poised to contribute in a unique way to the Mastercard CBDC consortium.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.