Ripple partners with Digital Euro Association to develop CBDCs

Ripple is collaborating with the Digital Euro Association (or DEA) to support Central Bank Digital Currencies or CBDCs. The partnership aims to use Ripple’s blockchain-based infrastructure already used in a pilot project with Bhutan’s central bank. 

Ripple partners with Digital Euro Association for CBDC development

Ripple, the company behind the sixth largest crypto by market capitalization XRP, has announced its collaboration with the Digital Euro Association (DEA) for the development of CBDCs. 

We’re excited to join the Digital Euro Association as a supporting partner to further develop our work with #CBDCs!

This is one part of our larger goal to develop and deliver global solutions for CBDCs and stablecoins through our #blockchain and #crypto expertise. https://t.co/8KODIKLP5y

— Ripple (@Ripple) February 11, 2022

“We’re excited to join the Digital Euro Association as a supporting partner to further develop our work with #CBDCs! This is one part of our larger goal to develop and deliver global solutions for CBDCs and stablecoins through our #blockchain and #crypto expertise”.

According to DEA reports, the collaboration with Ripple relates to a blockchain-based infrastructure dedicated to CBDCs, of which the pilot project is working now with the central bank of Bhutan. 

In this regard, Jonas Gross, president of the Digital Euro Association said:

“We are thrilled that, due to the partnership with Ripple, we can extend the technological expertise of the DEA community. As more and more CBDC projects worldwide reach advanced stages, technological design of a CBDC will play a key role for policy-makers in the near future, while previous years focused primarily on research”.

Ripple and collaborations for the development of CBDCs

The new collaboration with the Digital Euro Association (DEA), comes on the heels of another Ripple partnership with the Digital Pound Foundation, announced last October 2021. 

The Digital Pound Foundation is a non-profit focused on the development and implementation of a digital pound in the UK. 

Whereas the DEA is a think tank specializing in central bank digital currencies (CBDCs), stablecoins, cryptocurrencies and other forms of digital money, with headquarters in Frankfurt, Germany.

James Wallis, VP of Central Bank Engagements at Ripple commented on the current partnership with DEA as follows:

“We are excited to join the Digital Euro Association as a supporting partner to further develop our work in the CBDC area. The DEA is working across Europe and global markets to drive the development and growth of CBDCs and, specifically, the Digital Euro. Ripple has invested significantly in the CBDC world, with a team of around 40 people globally, helping develop and deliver solutions for CBDCs and stablecoins. We look forward to working with the DEA to further our work on CBDCs over the next few months”.

The SEC-Ripple lawsuit in the US and the price of XRP

While in Europe and the UK, Ripple is moving forward with collaborations to develop CBDCs, in the US the situation is still stuck because of the never-ending lawsuit between the SEC and Ripple. 

A few days ago, however, it was announced that memos from Ripple’s lawyers will be published on 17 February. This could in some way revolutionize Ripple’s situation. 

While waiting for the revelations, the price of XRP underwent a price pump, staying above $0.86. 

Immediately afterward, from February 11 onwards, the price of XRP fell back down to lows of $0.75, returning to $0.83 at the time of writing.