Despite the US SEC lawsuit, Ripple continues to function correctly overseas, spreading its tentacles. The company partners with the Royal Monetary Authority (RMA) of the Central Bank of Bhutan.
Reasons for the Ripple Partnership with Central Bank of Bhutan
In a news release by Ripple blog today, the reason for the central bank partnership is to improve its sustainability and financial inclusion with the use of Ripple’s CBDC solution.
Moreover, since Ripple’s CBDC solution uses a private version of the open-source, public XRP ledger, it will help the country expand its cross-border payment services.
Due to the high energy efficiency, reliability and cheap transaction cost of the company’s CBDC solution, which have attracted many partners, the XRP Ledger approval has boosted significantly in 2021.
In the company’s blog post, the Central bank understands that making cheaper, easier and faster payments domestically and internationally will assist in reaching their target of 85% by 2023 in financial inclusion.
In July 2021, the company partnered with SBI to improve cross border payment in Asia, from Japan to the Philippines. The partnership will help provide cheaper transaction costs and eliminate pre-financing costs.
XRP Response to The Announcement
Immediately after the news release, the price of XRP moved above 10% in intraday trading. With a market cap of $47 billion and trading above the $1 market according to coinmarketcap, the cryptocurrency is sitting comfortably as the sixth-largest in the world.
Most of the partnerships of the crypto company have always impacted the price of coins positively. For instance, last month (August), after announcing its association with the leading service provider in South Korea (GME Remittance), its market cap surpassed $40 billion.
