Introduction to Blockchain-Based Settlement System
A significant development in the finance tech landscape has been initiated with the unveiling of a Blockchain-Based Settlement system designed specifically for remittances in euros directed towards Ethiopia. This initiative comes courtesy of TerraPay, a global payments infrastructure company, which has partnered with the Cooperative Bank of Oromia to facilitate secure and efficient transaction flows from Europe to Ethiopia. The program was established with the help of the Inclusive Financial Technology Foundation (INFTF) and received crucial regulatory and technical support from Ethiopian financial authorities.
Implementation of the Xahau Blockchain
Central to this initiative is the implementation of the Xahau Blockchain, which serves as the settlement layer for processing these inbound remittances. This advancement represents a pivotal achievement in the development roadmap of Xahau, showcasing the ecosystem’s ongoing commitment to positioning itself as the leading blockchain solution that drives tangible change in the real world.
In a recent tweet, the official Xahau account confirmed the completion of a major step forward in its strategic roadmap and emphasized the growing functionality of the Xahau blockchain in various applications.
The community surrounding the Xahau ecosystem continues to evolve, gaining traction among banks and fintech firms.
Developments in the XRP Ledger Community
In parallel developments, the XRP Ledger Foundation has announced a new leadership team aimed at enhancing collaboration within the XRP Ledger community. The new appointments include:
- Brett Mollin as Executive Director
- Denis Angell as Chief Technology Officer
- Rene Huijsen as Director of Operations
- Hussein Zangana as Director of Community
This team is expected to bolster efforts to innovate and drive forward the community and technological advancements on the XRP Ledger.
Recent Updates and Collaborations
Furthering the momentum, the XRP Ledger has rolled out an updated version, 3.1.3, which incorporates a crucial fix amendment. Additionally, a collaborative effort between Ondo, Ripple, JPMorgan, and Mastercard has culminated in the successful cross-border redemption of tokenized US Treasuries on the XRP Ledger, marking another substantial achievement for the blockchain network during this period of rapid technological progression.
