Abu Dhabi , UAE, 5th December 2024, ZEX PR WIRE, DC Wallet, powered by Radix technology, a venture by Menas Global, has now a strategic partnership with AFC India Ltd, a Government of India undertaking. The partnership aims to accelerate the adoption of CBDCs in India and other countries in the near future.
Partnership to Drive CBDC Adoption in India
After the RBI’s (Reserve Bank of India’s) confirmation of the Digital Rupee test with Ripple’s XRP Ledger for institutional use cases, DC Wallet powered by the Radix XRD Ledger will support the initiative to fast-track the mass adoption of CBDC in India.
DC Wallet, powered by Radix, is launching an advanced platform for CBDCs and digital asset management. In collaboration with AFC, the initiative aims to streamline programmable money adoption in India, equipping local banks, government, and private financial institutions with cutting-edge technology to harness the power of programmable money.
The strategy spans to provide closed loop wallet solutions to sectors such as agriculture, education, and travel, with a potential reach of over 200 million users and integration with Banks and NBFCs.
Aligned with the RBI’s goal of enhancing financial inclusion, AFC will help integrate DC Wallet with public and private sector banks, enhancing last-mile connectivity through offline transactions, for India’s unbanked and underbanked population. The solution also offers cost-effective cross-border payments for inward remittances mainly from the Indian diaspora. This will be through partnerships with remittance companies having licenses internationally, starting with Canada and Australia.
With Radix’s XRD Ledger and DC Wallet’s quantum ready security for high value transactions, the platform also ensures secure, efficient transactions, fostering trust amongst users and institutions. The wallet is designed for retail and institutional CBDC use, focusing on security, operational efficiency, and ease of access.
Revolutionizing Digital Asset Management with DC Wallet
DC Wallet offers advanced digital currency management features powered by the Radix technology stack. Key features include:
- Security and Compliance: Real-time AML/CFTC monitoring, quantum-grade encryption, fraud resistance, and biometric security.
- Multi-Wallet Support: Manage and transact multiple assets within one interface.
- Integrated Identity Management: Built-in ID storage for enhanced convenience and security.
- Fast Transactions: Radix XRD Ledger enables transactions to finalize in under five seconds, supporting high-frequency, high-value transfers.
- Seamless Asset Conversion: Instant asset switching with minimal fees.
- Interoperability: Cross-chain functionality for retail (easy cross-platform payments) and wholesale (seamless G2G and B2B transactions).
- Accessibility: Mobile and offline options support under-resourced geographies and limited connectivity.
Anyone wishing to dive deeper can download the DC Wallet whitepaper or visit radixcbdc.com.
About DC Wallet
DC Wallet is an advanced and feature-rich digital currency and asset manager. The project is based on Radix’s XRD Ledger, combining blockchain solutions for scalability and security.
With its collaboration with AFC, DC Wallet integrates seamlessly with India’s financial infrastructure. The social media pages below and the project’s website help the community keep up to speed with DC Wallet’s growth.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Clear Bulletin journalist was involved in the writing and production of this article.