On the heels of the recent drop in ripple’s value, they are working with Saudi Arabia to set up a cross border payment system with end to end tracking. Dilip Rao, the head of infrastructure innovation said
“Central banks around the world are leaning into block chain technology in recognition of how it can transform cross border payments, resulting in lower barriers to trade and commerce for both corporates and consumers”.
The Saudi central bank will be the first to use the ripple network. If this succeeds, the value of ripple will be enhance due to increased utility. Although, the CEO said that most cryptos will go to zero, they are trying hard to keep ripple alive.