Currency Research has recognized Ripple Labs for its contribution to advancing digital currency and the best sustainability initiative.
A rare award has been given to American blockchain payments company Ripple Labs Inc. for supporting Central Bank Digital Currency (CBDC) innovation.
Antony Welfare, the CBDC Advisor for Ripple Labs, announced on his official Twitter account that the award was given to the company at the recently finished 2023 Digital Currency Conference by the Currency Research group.
The award was given to the corporation for its Best Sustainability Initiative for the Advancement of Digital Currency, according to the Welfare revelation, and it is the first of its type.
This is in appreciation of the firm’s efforts to support Central Banks worldwide as they cement their long-term switch from fiat currency to a dual model supported by both fiat and CBDC, the digital equivalent of the national currencies.
It is not unexpected that the company won the prize for sustainability because key principles have been ingrained in this noble culture since it was founded.
The Central Bank of Bhutan noted that the sustainability objective of Ripple Labs is one of the reasons it selected the company to pilot its CBDC program, and all of its goods and services have been built on this foundation.
According to Antony Welfare, the recognition will encourage the business to continue promoting the CBDC team to create long-term, sustainable solutions for its clients and partners.
Ripple Labs is still one of the most adaptable blockchain startups in the larger Web3.0 community. Although the company’s primary focus is on cross-border payments utilizing the RippleNet and On-Demand Liquidity (ODL) service, a group of developers working under its aegis are now looking into various solutions using the XRPL protocol.
The XRPL is advertised as a decentralized innovative contract platform that can support apps that can help find practical answers to problems in the Web3.0 and larger finance industries.
This is only one example of the XRPL’s impressive adoption over the past year. Ripple and its subsidiaries are seeing phenomenal development and being well compensated for it, despite their difficulties with the United States Securities and Exchange Commission (SEC).
