Ripple continues to expand despite the negativity in the crypto industry.
In this context, the latest partnership news came from Colombia with Ripple.
Colombia's central bank, Banco de la República, has partnered with Ripple to explore the use of blockchain technology, Coindesk reports.
As part of this partnership, Banco de la República will use Ripple's CBDC platform.
The Colombian central bank will work with the Ministry of Information and Communications on the CBDC test.
On the partnership, James Wallis, Ripple vice president of CBDCs said:
“By leveraging the power of the XRPL-based CBDC Platform, this project will pave the way for transformative advances in the use of blockchain technology in the public sector.”
In the statements, it was also stated that Ripple's CBDC platform could increase the speed, as well as reduce costs as a result.
It was also stated that the project will continue until the end of 2023.
*Not investment advice.