The Atlanta Fed published a recent Policy Hub entitled “An Introduction to Web3 with Implications for Financial Services”. In this new report, the Federal Reserve Bank of Atlanta discusses the strengthening effect of Web3 on financial services. At the same time, she praises XRP, the native token of Ripple. Here is what it is.
XRP: an efficient and profitable means of payment!
As XRP begins a new chapter with Ripple’s acquisition of Bitstamp, it is cited in the Atlanta Fed report. The Reserve Bank describes this crypto as a “international means of payment“. She clarified that XRP is effective for making institutional and cross-border payments. She added that the same is true for the Stellar blockchain. In addition, XRP would allow value to be transferred at low cost and quickly. Indeed, the transaction fee is $0.0002 and transfers take place at a speed of 3-5 seconds.
It appears that with XRP, Ripple’s business model is relevant. Furthermore, the XRP blockchain is described as a scalable network, with 1,500 transactions per second. At the same time, it is considered environmentally friendly. They perform carbon neutral operations that are energy efficient.
All in all, the recognition of XRP as a global means of payment has the community excited. Supporters of Ripple’s token took to Twitter to express their pride. A user thanked the bank of Atlanta for this recognition.
Atlanta Fed talks about Project Mariana
The Reserve Bank of Atlanta has indicated in its report that the proof of concept, Project Mariana, facilitates profitable transfers of value. She describes the project as proof of the adoption of Web3 and blockchain technology by public institutions.
It should be clarified that the Mariana project was presented in November 2022 by several financial institutions. These include the Bank for International Settlements (BIS) and the Banque de France.
The project aims to explore the use of automated market makers (AMM) in foreign exchange and settlement. Its conclusion is expected to be published in mid-2023, according to remarks made by the BIS in November 2022.
In recent months, Ripple has stepped up its efforts to remain a relevant crypto business. Among its current flagship projects, we note the participation in the HKMA pilot project for the Hong Kong e-HKD.
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