The Hong Kong Monetary Authority has announced its altcoin network where it will launch new CBDC products. The pilot program includes key use cases involving payment of Web3 transactions, tokenized assets and tokenized deposits.
This altcoin launches platform for Central Banks to issue their CBDCs
The Hong Kong Monetary Authority (HKMA) has announced the launch of the e-HKD Pilot Program. A total of 16 companies from the finance, payment and technology sectors were selected for the new program. One of them was Ripple Labs, which was chosen to showcase its real estate asset tokenization solution.
Ripple is now launching a CBDC platform that allows central banks to issue their own cryptocurrencies. Governments and financial institutions will also be able to benefit from this feature. CBDCs are a digital form of government-issued currency that is not pegged to a physical commodity. Hong Kong government chooses Ripple for new CBDC infrastructure.
Ripple will showcase ‘tokenization’ capabilities on new CBDC platform
Ripple will partner with Taiwanese Fubon Bank and others to demonstrate the release of equity with tokenized assets using the individual version of the e-HKD CBDC. Freeing up equity, also known as a reverse mortgage, is the practice of allowing a lender access to equity in a homeowner’s home that is only due when the home is sold or the borrower dies.
Ripple said in a statement that tokenization can reduce friction in the equity release process. The company also states that it can accelerate business volume for banks. According to the HKMA, the company is joining the so-called second rail of the program, which will “dive deep into use cases as well as implementation and design issues related to e-HKD”.
The pilot project is being built on Ripple’s new CBDC product, the ‘Ripple CBDC Platform’. The platform will feature Ripple’s XRP Ledger technology. Also, it uses a new custom ledger. Thus, it will also handle advanced functionalities, including offline operations and non-smartphone use.
The CBDC platform is an enhanced version of Ripple’s Private Ledger, launched in 2021 to issue CBDC. The platform is powered by XRP Ledger.
What’s next?
Ripple will showcase the use case of its platform as part of the e-HKD pilot program run by the Hong Kong Monetary Authority. It is also working with Taiwan’s Fubon Bank to tokenize real estate assets under the e-HKD pilot. Ripple and Fubon Bank will launch in new products for stock distribution.
Ripple is the only altcoin to grow despite SEC pressure
cryptocoin.com As we reported, Ripple acquired the Swiss-based crypto company Metaco on May 18. The company’s investment was worth $250 million.
Highlighting Ripple’s growth metrics, the CEO of Crypto-Law.us, John E Deaton, reports that the company is expanding its staff despite the SEC lawsuit.
Meanwhile, Ripple is still in a tense legal battle with the US regulator EC. But that hasn’t stopped him from continuing to make significant strides in expanding his business. On the other hand, Ripple CEO Brad Garlinghouse expects the company to achieve a positive outcome in the SEC lawsuit later this year.
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