- Job postings indicate that Ripple is already working with several central banks around the world to test digital central bank currencies (CBDCs) on the XRPL.
- Central bank technical partner managers are expected to lead and oversee the implementation of CBDC projects.
For quite some time now, Ripple has made no secret of the fact that it wants to position On-Demand Liquidity (ODL) and XRP as a bridge currency in a world of digital central bank currencies. In various blog posts and publications, the company has reported on the benefits of the XRP ledger in recent weeks and months. Most recently, Ripple CTO David Schwartz explained how financial institutions can use the XRP Ledger’s “Issued Currencies” feature to create and operate stablecoins.
Where is Ripple at with CBDC projects?
As three open positions as “Technical Partner Manager, Central Banks “for London, New York and San Francisco show, Ripple might already be at a more advanced stage in terms of digital central bank currency projects than was previously publicly known.
According to the job postings, technical partner managers are expected to play a central role in expanding Ripple’s collaboration with central banks around the world by designing and leading the deployment of CBDC projects and solutions. One indication that Ripple is already working with a few central banks and tinkering with a CBDC may be the job description. This states:
Ensure that the integration of Ripple technology with our partners runs smoothly and is appropriately deployed to meet the project timelines and objectives.
Manage multiple, simultaneous projects with different clients.
Other responsibilities of the Technical Partner Manager will also include “requirements analysis, solution and architecture design, to implementation and test support to ensure the individual components are built and delivered to maintain the integrity of the overall project”. In addition, close collaboration with customers and internal and external teams is required to create solution designs, cost estimates, and implementation plans for all systems involved.
The partner managers are expected to work for RippleX, which has an official mission to “inspire and enable developers and institutions to build the Internet of Value (IoV) together.” Through tools, services and programs built on the XRP Ledger, RippleX is helping to drive innovation for the XRP Ledger, Interledger Protocol and PayID, among others.
Which central banks could be on board?
While this is merely speculation, according to Twitter user “Talinos,” Turkey, the Netherlands and Brazil could be possible candidates to issue a stablecoin on the XRP Ledger. Talinos cites the naming of some of the XRPL’s nodes, which are named after countries and not the banking institution, such as “SCB” or “Exim”.
Just guessing because they have many servers for those countries. Normally they have a named server like scb or euro Exim . For those countries it’s just the name: pic.twitter.com/DQ1ZRymvt8
— Talinos (@Talinos2) January 8, 2021
On the other hand, it is also known that Ripple has a good relationship with the Bank of England (BoE). Back in July 2017, it was revealed that the BoE was testing Ripple’s technologies for its next-generation real-time gross settlement (RTGS) system. The central bank noted that the test “proved promising in enabling RTGS systems that are seamless and globally interoperable.”
At the Yahoo Finance “All Markets” conference in 2018, Garlinghouse also confirmed that the BoE is “a paid customer of Ripple.” Furthermore, it is also known that Ripple had meetings with the Central Bank of Cambodia as well as the Central Bank of Brazil in the past.