“Thanks to the platform, it will be possible to get instant payments both domestically and abroad,” the company promises.
Corporate and retail users will be able to store their digital currencies in wallets on the platform, make payments for goods and services, including offline transactions, even without using smartphones.
The platform gives issuers the ability to manage digital currencies, from issuing and distributing to redeeming and destroying tokens;
“Partnering with Ripple to help create a national digital currency is part of our commitment to lead the way in financial innovation and technology that will give Palauans greater access,” said Palau Republican President Surangel Whipps Jr.
Palau and cryptocurrency company Ripple Labs announced a joint project to create a state-owned digital stable currency back in December of last year.
The official currency of Palau is the U.S. dollar, but the country has no central bank.
Earlier, Ripple acquired Metaco, a Swiss startup that provides cryptocurrency storage services. The amount of the deal was $250 million.