Ripple has achieved a new feat following its significant CBDC efforts.
Ripple’s CBDC advisor Anthony Welfare disclosed in a tweet yesterday that the Silicon Valley-based tech company was ranked as a top and established leader for Central Bank Digital Currencies (CBDCs).
“Ripple was ranked number one and an established leader for CBDC (from 15 vendors),” Welfare tweeted yesterday.
@Ripple was ranked number one and an established leader for #CBDC (from 15 vendors)👍 In a recent report from @juniperresearch highlighting the significant transaction growth to $213bn by 2030 Globally👌https://t.co/CBNvelrhWQ pic.twitter.com/YVA2paoIAQ
— Antony Welfare (@AntonyWelfare) May 3, 2023
According to data shared by Welfare, Ripple was ranked as an established leader for CBDC for multiple reasons, including the company’s existing success with RippleNet.
Other reasons include Ripple’s technological capabilities within the CBDC space and its existing deployments and growth within the emerging space.
Ripple was ranked as an established leader for CBDC alongside other top fintech companies, including Stellar, Mastercard, R3, etc.
CBDC Annual Payment to Spike to $213B By 2030
Notably, the development was first shared in a recent report by Juniper Research, a group of experts analyzing today’s fintech & payments market.
Per the report, the value of CBDC payments is expected to grow to a whopping $213 billion annually by 2030. This is a massive surge compared to the current annual growth of $100 million.
Juniper Research noted that the annual value of payments via CBDC has been relatively low because CBDC adoption is currently limited to pilot projects.
It speculates that governments across the world will drive widespread CBDC adoption. According to the report, these governments will leverage CBDC to boost financial inclusion and increase their control over how people make digital payments.
Ripple’s Efforts in CBDC Development
Several countries have selected Ripple to work on different CBDC pilot programs.
As reported earlier, the Central Bank of Montenegro partnered with Ripple to develop a pilot program for Montenegrin’s digital currency. Similarly, Ripple partnered with Palau and Bhutan’s central banks to create different CBDC pilots.
Earlier this year, Welfare revealed that Ripple has collaborated with more than 20 countries on CBDC development.
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