đ Exploring the $7.5 Trillion Daily FX Market with AMM and Liquidity Pools
In a groundbreaking revelation, Ripple is taking strides to delve into the massive $7.5 trillion daily Foreign Exchange (FX) market, paralleling the efforts of the Bank for International Settlements (BIS). The confirmation comes directly from Joe Vollono, Rippleâs director for CBDC Business Development, disclosed during an online meeting.
đ Project Mariana and the FX Market Evolution:
Project Mariana, spearheaded by the BIS, envisions the evolution of trading and settling FX in a tokenized world. The BIS, in collaboration with the central banks of France, Singapore, and Switzerland, sees the potential for a tokenized financial system to revolutionize the existing $7.5 trillion daily FX market.
đŹ Ripple's Involvement and Vision:
Joe Vollono expressed Ripple's keen interest in Project Mariana, calling it a "fascinating body of work." Ripple is actively exploring avenues within the project, particularly focusing on facilitating cross-border, cross-currency transactions using an Automated Market Maker (AMM). Vollono emphasized the crucial role of liquidity pools in the proposed models.
đïž Project Mariana Proof of Concept Success:
Recently, the BIS reported a successful conclusion of the proof of concept for Project Mariana. The project tested cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) among financial institutions, utilizing DeFi technology on the public blockchain.
đ XRPL AMM:
Notably, the XRP community eagerly awaits the launch of an AMM on the XRP Ledger, pending the consensus of validators through the XLS-30D Amendment. The AMM launch holds the potential to further amplify Ripple's influence in the evolving landscape of decentralized finance.
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