The XRP Conversation has always been based on future potential, clarity of regulations, and an institutional adoption that always seemed out of reach. Now, one crypto commentator believes that these elements no longer form in isolation, but get together now in real time.
According to crypto expert X Finance Bull, a recent development involving global banking infrastructure shows that the time has finally come for XRP and the entire XRP Ledger ecosystem.
The time has finally come
Crypto Commentator X Finance Bull recently taken at social media platform
SWIFT recently announced its plans to create a blockchain-based shared ledger capable of processing cross-border payments in real time, 24/7. However, what caught the analyst’s attention was not only the technology integrated into a 24/7 blockchain, but also the names behind it. The initiative would involve more than 30 banks in 16 countries working on the next phase of financial infrastructure.
A closer look at participating institutions reveals that a significant portion already has ties to Ripple. Looking through the list of institutions involved in SWIFT’s blockchain project, X Finance Bull identified 12 banks with confirmed ties to Ripple.
Banks such as Santander, DBS Bank, Standard Chartered, Mizuho Financial Group, MUFG, Bank of America and Royal Bank of Canada are among those identified as having existing relationships with Ripple through payments, custody or consortium participation.
As rated by X Finance Bull, each of these financial companies has already launched a few initiatives using Ripple’s existing blockchain technology. SG-FORGE has issued the stablecoin EURCV on the XRP Ledger, uses Ripple Custody and has already tested the settlement of tokenized bonds with SWIFT. Santander’s One Pay FX cross-border payments platform was built using Ripple technology. DBS Bank has signed a memorandum of understanding with Ripple, focused on trading tokenized funds.
Standard Chartered, Mizuho Financial Group, MUFG, Bank of America, Westpac, Royal Bank of Canada, BBVA, Akbank and Absa Group round out the 12, each with documented ties to the Ripple ecosystem in varying capacities.
Convergence of regulatory and infrastructure timelines
Although it is not a direct Ripple-SWIFT agreement, The crypto commentator’s observation shows that XRP Ledger is already present in the majority of institutions involved in the architecture of the future of global finance. “12 of the 30 banks working on SWIFT’s ledger have Ripple on their other screen. It’s not a theory. It’s a trend you can check,” he said.
Finance Bull’s observation also adds to another context in which the construction of the SWIFT blockchain is taking place. The analyst highlights two parallel regulatory developments that are moving on a similar timeline.
The first is the expected CLARITY law, who is already moving towards the President’s office. Separately, an exemption related to tokenization from the United States Securities and Exchange Commission is reportedly just weeks away.
Featured image from Getty Images, chart from Tradingview.com
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