Ripple to Develop Cryptocurrency Strategy for Republic of Palau

Ripple to Develop Cryptocurrency Strategy for Republic of Palau

San Francisco-based enterprise blockchain provider Ripple has announced a partnership with the Republic of Palau, a tropical country in the western Pacific region that consists of roughly 340 tightly clustered islands.Initially, the company will work on developing cross-border payments in the nation. It is also on track to help Palau to launch the first state-backed stablecoin—backed by the U.S. dollar—that could act as the country's national currency, according to President Surangel Whipps, Jr.:

The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.

Palau decided to partner with Ripple because of the speed and efficiency of XRP Ledger, as well as the company's extensive track record of developing blockchain-based solutions for payments.

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