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Ripple Works on Private XRP Ledger for CBDC, Says Ex-Executive

Sun, 03/05/2023 - 11:08
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Gamza Khanzadaev
Matt Hamilton tells whole truth about private versions of XRP and XRPL, here's what it's really about
Ripple Works on Private XRP Ledger for CBDC, Says Ex-Executive
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Former director of developer relations at Ripple, Matt Hamilton, has revealed that the crypto company is currently working on private versions of the XRP Ledger code for CBDC, the so-called "state cryptocurrencies." At the moment, however, these versions have not been launched as the regulatory framework for CBDC is still under development, says the developer.

Former Ripple Chief Engineer Slams CBDC on XRP Notion, Here's Why

However, the developer does not know if any CBDC product from Ripple is ready yet. As a reminder, it was previously reported that Ripple is heavily involved in the creation of "state cryptocurrencies." The company is participating in initiatives to create digital dollars, pounds and euros, and is also working with the central bank of Montenegro on a CBDC.

Is there private XRP?

Hamilton's remarks emerged as a response to accusations toward Ripple's management that the company has its private chains on which there is some sort of private XRP. Under this theory, the price of XRP differs on the public XRPL network and the private ones.

XRP Will Go Fully Cross-Chain, If This Proposal Passes

While a private XRP Ledger exists, and according to Hamilton, any centralized exchange on which XRP is traded could be considered such, there are no private versions of the cryptocurrency, and it only exists in the main public XRPL blockchain. A private XRP could not be real, because its existence would require the complete isolation of the network, and once it opened up any differences in price would be ironed out, the developer said.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.