Ripple's Head of Payments Product Brendan Berry draws parallels between crypto and TradFi technical stacks and numbers his "building blocks" of modern cryptocurrency systems.
From fiat on-ramp to tokenization: Ripple's officer on digital asset systems
Fiat on-ramps, asset tokenization and custody solutions remain the three pillars of digital asset services stack. This statement was made by Ripple's Head of Payments Product Brendan Berry in the latest episode of Crypto In One Minute education series by Ripple.
What are the core building blocks for leveraging digital assets? 🧱— Ripple (@Ripple) June 30, 2023
Tokenization, custody, and off-ramps to name a few.
Learn from Ripple's @_b_berry on the financial system's tech stack in the latest #CryptoInOneMinute. ⏱️ pic.twitter.com/ffnWoJjjRJ
Fiat on-ramps are crucial for bringing value from fiat money systems (cash, credit cards, bank deposits) to blockchain-based ones. Tokenization instruments allow doing the same with various classes of assets, including the likes of commodities, precious metals and so on.
Then, custody solutions are responsible for storage of digital assets and addressing the issues of "ownership" in the Web3 era. Depending on the status of custody, the question about the real owner of this or that value is solved.
Liquidity and conversion services are key pillars for flexibility in crypto designed to allow free transfer of value between various cryptocurrencies and fiat assets.
Ripple continues to drive forward CBDC innovations, major partnerships scored
The opportunity to exchange assets between each other is also inevitable for digital asset systems. Last but not least, secure fiat off-ramps serve for crypto-to-fiat conversion and moving money back to TradFi.
As covered by U.Today previously, in the last weeks, Ripple has scored another landmark accomplishment on its central bank digital currency (CBDC) workloads.
Together with fintech and industrial heavyweights, Ripple will be a partner of CBDC Innovate Challenge, a large-scale incubation initiative for all developers of state-backed stablecoins.
Also, Ripple is a tech partner for developing stablecoin solutions in a couple of countries from Palau to Montenegro.