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- SBI Holdings joins Project Agora to explore integrating tokenized bank deposits with central bank digital currencies.
- Ripple partners Tranglo and Instarem expand cross-border payment services, enhancing remittance speed and contactless payments.
One of Ripple’s most notable partners, SBI Holdings, has officially confirmed its participation in Project Agora, a major project spearheaded by the Bank for International Settlements (BIS) and backed by seven central banks.
This project aims to investigate how tokenized commercial bank deposits can be combined with wholesale central bank digital currencies (CBDCs) on a single ledger.
Project Agora aims to modernize the entire cross-border payment process by tackling present inefficiencies, such as frequent compliance checks and long transaction times, making it faster, more transparent, and cost-effective.
🚨BREAKING: @Ripple-partner SBI Holdings has confirmed participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks! 👀
SBI CEO: "Every Bank will use #XRP by 2025." pic.twitter.com/cI5nClopDU
— JackTheRippler ©️ (@RippleXrpie) September 19, 2024
SBI Holdings’ Role in Project Agora Strengthens Ripple Global Influence
Project Agora, one of BIS’s most ambitious projects, has piqued the interest of over 40 financial institutions, including industry giants such as Visa, Mastercard, and Swift. The project, which is currently in the design phase, will last until 2025, with a final report expected at the end.
The cooperation of SBI Holdings strengthens Ripple’s rising impact in the global financial ecosystem. Ripple’s technology has been a major advocate for updating payment systems, and its partners’ involvement in such high-level projects strengthens its position in the future of digital finance.
Aside from Project Agora, Ripple’s partner Tranglo has expanded its services, targeting Brunei in an effort to provide faster and more secure remittance services for migrant workers.
According to CNF, the expansion into Brunei is a strategic move designed to capitalize on the growing need for more efficient and dependable financial services, particularly among the numerous workers who rely on remittances to support their families back home.
At the same time, another Ripple partner, Instarem, made news for integrating Apple Pay with their Amaze card. This connection is intended to make cross-border contactless payments via mobile devices more convenient for users, providing a seamless experience.
As we previously noted, Instarem continues to support Ripple’s aim of transforming global financial infrastructure by making it easier for users to conduct cross-border transactions utilizing digital wallets.
Meanwhile, Ripple’s native coin, XRP, has experienced a significant increase. At the time of writing, XRP is trading around $0.5869, up 2.54% over the last 24 hours. The coin has averaged a daily transaction volume of $1.313 billion.
