Ripple has clinched two prestigious awards at Juniper Research’s Future Digital Awards for Fintech & Payments 2023. Juniper Research revealed yesterday, on October 3, that the fintech company has been honored with the “Sustainability in Fintech Innovation of the Year” and the “CBDC Innovation” award.
Ripple Impresses With Its CDBC Initiatives
The “Sustainability in Fintech Innovation of the Year” award was rewarded for Ripple’s innovative work on the US Dollar-backed Palau Stablecoin (PSC). According to the research firm, the stablecoin stands out due to its issuance on the XRP Ledger (XRPL), known as a carbon-neutral blockchain. Over the span of a decade, the XRPL “has facilitated millions of transactions, ensuring robust privacy and security for the settlement and liquidity of tokenized assets.”
Juniper’s panel of experts also awarded Ripple with the Platinum title in the “CBDC Innovation” category. Ripple’s platform is transforming how value is moved, managed, and tokenized across the globe. By addressing long standing inefficiencies, the company aims to foster transparency, reduce costs, and encourage new business models, thus expanding opportunities for a broader audience.
Detailing the accolade, Juniper Research highlighted Ripple’s enterprise solutions, saying they are “faster, more transparent, and more cost-effective – solving inefficiencies that have long defined the status quo.” The research entity emphasized the company’s commitment to creating real-world change, particularly in “identifying use cases where crypto technology will inspire new business models and create opportunity for more people.”
Other award winners include Mastercard (Digital Identity Innovation), Napier (Regtech Platform), Giesecke+Devrient eCom Tokenizer (Payment Tokenisation Solution), Paystand (Best B2B Payment Platform), TerraPay and Nium (Best Cross-border Payments Platform), ACI Instant Pay (Instant Payment Innovation) and ACI Payments Orchestration Platform (Payment Innovation of the Year), among others.
Of notable mention is Nium, which secured the Gold Award for the “Best Cross-border Payments Platform”. Nium, a long-time Ripple partner, uses the company’s XRP-based cross-border payment platform, On-Demand Liquidity (ODL). The recognition by Juniper further cements Nium’s position in the cross-border payments space.
An Emerging CBDC Powerhouse
The Digital Pound Foundation, of which Ripple is a member, also shed light on the company’s achievements. The institution stated that Ripple’s CBDC platform is dedicated to delivering a comprehensive solution for central banks, governments, and institutions. It aims “to boost financial inclusion, and to diminish the costs and risks associated with domestic and international payment processes. It further equips these institutions with the tools to effortlessly issue their own CBDC, thereby narrowing the divide for the unbanked demographic and offering them crucial banking services,” the Digital Pound Foundation stated.
Ripple’s deepening involvement in this sector is evident through its collaboration with five central banks on successful pilot projects. This includes the notable Palau stablecoin, as well as confirmed pilot projects in Montenegro, Bhutan, Hong Kong, and Colombia. Presently, the fintech is engaged in discussions with over 20 nations about potential CBDC initiatives. The latest addition is Georgia, where Ripple Labs has been shortlisted with eight other competitors.
Reacting to the accolades, the company took to X (formerly Twitter) to express gratitude: “We are honored to announce that Ripple has been recognized by Juniper Research in their prestigious Future Digital Awards for Fintech & Payments 2023: Sustainability in Fintech Innovation of the Year and Platinum Award for CBDC Innovation.”
At press time, XRP traded at 0.52724. Thus, the XRP price is facing a retest of the 23.6% Fibonacci retracement level at $0.52743 after the price failed to rise above the September high at $0.5493 yesterday.