CandleFocus UN Endorses Ripple and Stellar as Cornerstones of New Global Payments Network
2024-10-11
Author: Content Editor
The United Nations Capital Development Fund (UNCDF) has endorsed Ripple and Stellar as key players in a new global payments network. During a recent webinar, the UNCDF stated that both companies are important components of the new system for global payments. The UNCDF recognizes that blockchain has the potential to revolutionize the financial sector and sees Ripple and Stellar as capable of processing cross-border transactions. The envisioned payment network is open, regulated, and connected, allowing for simple exchanges between people and companies from around the world and any currency. Both Ripple and Stellar have a history of successful involvement in cross-border payments, making them suitable for this initiative. Ripple has recently partnered with Mercado Bitcoin to create a cross-border payment system that reduces transaction time and costs. Stellar focuses on financial inclusion and aims to offer affordable financial services, connecting cryptocurrencies with conventional banking systems. The endorsement by the UNCDF acknowledges Stellar's role in developing a better financial system, and Stellar has also partnered with MoneyGram to expand its coverage in various regions.
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