It has been announced that the island nation of Palau, located in the Pacific, has partnered with San Francisco-based blockchain payments company Ripple.

According to Ripple's statement; The country will explore its first national digital currency and use cases with the XRP Ledger (XRPL). Ripple will provide Palau with technical, business, design and policy support for the country's national digital currency.

The following words were included in the company's press release:

   Palau chose Ripple because of its extensive experience in creating blockchain and global payment systems. XRP Ledger was chosen because it is carbon neutral and 120,000 times more energy efficient than proof-of-work blockchains.

Palau President Surangel S. Whipps Jr. also said:

   As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple. The first phase of the partnership will focus on a cross-border payment strategy and exploring options for creating a national digital currency by providing Palau citizens with greater financial access.

XRP, the native token of XRL Ledger, is the 7th most valuable crypto asset in the world.