The goal of the initiative is to help central banks, regulators, and market infrastructures pilot real-world blockchain solutions by leveraging the Ripple team’s expertise in payment systems and distributed ledger technology (DLT). Potential blockchain solutions include creating regional networks, reducing the cost of payments, and opening up networks to new participants while managing risks.
Dilip Rao, who has led the business development in the APAC/MENA region and worked closely with banks and market infrastructures, will lead the initiative. Rao has worked for Ripple since 2014 and brings more than 30 years of experience working with banking technology. “My first priority will be piloting interoperability between payment systems, the use of DLT for domestic clearing and settlement and novel applications of xCurrent as well as our digital asset XRP,” said Rao. “I look forward to exciting new initiatives in building the Internet of Value in 2018!”
Company co-founder Chris Larsen debuted Ripple (originally known as OpenCoin) at FinovateSpring 2013. Brad Garlinghouse took the reins as Ripple CEO last fall. Last month, Ripple teamed with AmEx and Santander to support blockchain-powered international B2B payments. Earlier this month, the company’s XRP digital currency overtook Bitcoin Cash as the third largest cryptocurrency.