Ripple announced this week the launch of Infrastructure Innovation, an initiative designed to advance the blockchain company’s efforts to develop the Internet of Value. As part of the project, an in-house team led by Dilip Rao will become responsible for promoting and offering Ripple’s blockchain and payment solutions to central banks and other industry participants. 

Rao has been with Ripple since the summer of 2014. He has run the company’s projects in the Asia-Pacific, Middle East, and North Africa, dealing with commercial banks, central banks, and financial institutions. Rao has operated in the banking space for over three decades.  He commented as follows:

“My first priority will be piloting interoperability between payment systems, the use of DLT for domestic clearing and settlement and novel applications of xCurrent as well as our digital asset XRP. I look forward to exciting new initiatives in building the Internet of Value in 2018!”

The Infrastructure Innovation team will assist central banks and financial institutions in applying Ripple’s technology to assess the potential of blockchain and come up with relevant solutions.

In recent months, Ripple has grown its presence by partnering with banks and having its token, XRP, listed on more crypto exchanges. In a post published on Thursday, Ripple announced that XRP can now be traded on 50 crypto exchanges, having been recently listed on CEX.IO, Huobi, and GMOCoin. 

In November, India’s Axis Bank revealed that its Ripple-based cross-border payments system could conduct transactions between the UAE and Singapore. 

Earlier in December, the Japan Bank Consortium, an association of over 60 banks led by SBI Ripple Asia, announced the start of a blockchain experiment with the two largest lenders in South Korea – Woori Bank and Shinhan Bank. 

Following this burst of activity, Ripple’s token has more than quadrupled this month, increasing from $0.24 at the beginning of December to a current level of $1.02.