In the latest XRP news, Ripple Reportedly Partnering with Stellar as both companies seek to revolutionize the payments industry. This came as crypto expert ProfRippl highlighted the link between both companies through the International Rescue Committee (IRC).
Ripple Reportedly Working with Stellar
in a x publicationProfRippl revealed that Ripple and Stellar are working together. This came as the crypto expert highlighted IRC’s ties to both crypto companies, stating that this is what led to the partnership between Ripple and Stellar. Notably, Ripple and IRC had partnered to explore the use of crypto company payment services for humanitarian donations.
Meanwhile, Stellar He once mentioned how the IRC distributed cash assistance to Ukraine through its “aid”. ProfRippl then raised the possibility of other IRC partners adopting Ripple and Stellar payment services for cross-border transactions. IRC has partnered with organizations such as the Bloomberg Foundation, Google, and the Citi Foundation, among others.
Meanwhile, ProfRippl also attempted to establish a connection between Ripple and former UK Prime Minister Tony Blair, who reportedly has close ties to IRC CEO David Miliband. Based on this, the crypto expert suggested that Ripple technology could be easily adopted as countries move to integrate cryptocurrencies into their payments infrastructure.
Meanwhile, in another x publicationThe crypto expert highlighted how Ripple and Stellar complement each other rather than being direct competitors. ProfRippl noted that Ripple XRP Ledger ensures highly secure cross-ledger settlement, while Stellar enables multi-currency routing and inclusive tokenization.
ProfRipple further referenced articles that described Ripple and Stellar as layered architectures that serve different but complementary functions. It is worth noting that Stellar’s Jed McCaleb was one of those who created the XRP Ledger along with Ripple CTO David Schwartz and Arthur Britto.
Like Ripple, Stellar also offers cross-border payment services using its native XLM token. Ripple, meanwhile, uses XRP to power its payment services, with the altcoin serving as a bridge currency between sender and receiver.
Fed’s Waller Provides Big Boost to Ripple
In another recent development, Federal Reserve Governor Chris Waller provided a big boost for Ripple, stating that Federal Reserve staff were exploring a “payments account” to support innovation in payments. The payment account will give you stablecoin issuers such as Ripple’s access to the Federal Reserve’s payment channels, making its operations more efficient.
Notably, Ripple has already presented for a Fed master account, although there is no timetable for its approval. However, Waller revealed that the payment account will have a simplified review schedule, meaning Ripple may not need to wait for Federal Reserve master account approval before accessing the Federal Reserve’s payment channels. This comes as the crypto company continues to expand its services, including its partnership with South Africa’s Absa to provide digital asset custody services.
Featured image by Peakpx, chart by Tradingview.com
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