The Bank of England/Ripple PoC results

The results of Bank of England and Ripple's proof of concept published
13 June 2017   3161
Ripple

Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money

The Bank of England recently released its blueprint concerning synchronisation capabilities to its future real-time gross settlement system (RTGS). This would enable payments in RTGS to be executed simultaneously with a movement of another asset. One potential usage of this capability could be cross-border payments, where movements in the sterling RTGS system could be synchronised with movements in another currency.

Thus, the Bank chose Ripple in order to test whether blockchain technology could enable this “Global RTGS” capability.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Now the results of the proof of concept (PoC) have been unveiled.

According to the Bank, the PoC specifically looked at how Ripple’s solution could support the synchronisation of cash movements made using two simulated RTGS systems utilizing the open-source Interledger Protocol.

the Bank of England’s PoC with Ripple is a watershed moment. We applaud them for being one of the first central banks worldwide to look at how blockchain technology can power instant international payments.
 

Brad Garlinghouse
CEO of Ripple

The Bank says that “the PoC was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.” In other words, Ripple’s solution showed promise in enabling RTGS systems which seamlessly support interoperability globally.

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   65

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.