Ripple News: Latest Updates

The Ripple CBDC Platform is now accessible to the public in Hong Kong, as confirmed on the company’s official website.A partnership between Ripple and Fubon Bank has culminated in the launch of a Home Equity Line of Credit pilot program.

Furthermore, the project has garnered support from five local financial firms, forming a robust consortium. The Hong Kong digital dollar (HKD) will be the primary currency used for transactions within this initiative.

On November 2, the National Bank of Georgia selected Ripple Labs as its partner for integrating blockchain technology into its cross-border payment systems after a competitive process.

The regulator's press release stated that the Ripple CBDC Platform is ideally suited for banks and financial institutions to execute their strategies involving digital assets and decentralized transactions.

“The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple. We are grateful to all other participating companies for their interest and efforts in the selection process,”  said Natia Turnava, Acting Governor of the NBG.

Although the project's roadmap does not currently include plans for the immediate launch of a state cryptocurrency, James Wallis, VP of central bank engagements at Ripple, does not rule out such a possibility in the future. 

On November 3, AI Maryah (Mbank), the largest virtual bank in the United Arab Emirates, established a strategic partnership with LuLu Exchange, Ripple's official partner in the region.LuLu Exchange has become the first and, to date, the only company in the Asia-Pacific market to embrace XRP for facilitating cross-border payments through the ODL service. This partnership enables LuLu's customers to use the Mbank Wallet app for swift international transfers.

Additionally, the Dubai Financial Services Authority (DFSA) has approved the use of XRP for all licensed companies dealing with virtual assets in the UAE. Previously, only BTC, ETH, and LTC had received such authorization. This recognition marks XRP as the fourth asset compliant with Sharia law in the region.

Today, November 6, marks the commencement of the DC Fintech Week 2023. The event headlines with prominent figures such as Brad Garlinghouse, Michael Novogratz, and Gary Gensler.

 The crypto community is braced for the anticipated confrontation between the Ripple CEO and the SEC Chairman, armed with a plethora of pointed memes for the occasion. 

The clash of these titans will take place on November 7 at the Fannie Mae headquarters.

On November 1, Ripple has unlocked another 1 billion XRP from its escrow accounts. This action is not expected to impact the asset’s price since two tranches, totaling 800 million coins, were immediately sent back to the escrow system.

The number of addresses holding over 10,000 XRP has significantly increased, according to the analytical platform Santiment. Their count now stands at 277,000—a 25% increase since the beginning of the year.