XRP News: Ripple Partner SBI Confirms Participation in BIS Project Agora

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As a seasoned analyst with over a decade of experience in the digital asset market, I find myself closely following the developments surrounding XRP and Ripple. My perspective is informed by my extensive background in traditional finance, blockchain technology, and market trends.

Update on XRP: It’s been confirmed that Ripple‘s partner, SBI Holdings, is involved in Project Agora – an endeavor spearheaded by the Bank for International Settlements (BIS) along with seven central banks. The XRP community has responded to this news, as there are whispers of potential integration or alignment towards cross-border payments through a unified ledger system.

Ripple Partner SBI Reveals Participation in BIS-Led Project Agora

On September 19th, SBI Holdings announced that they were part of Project Agora. This partnership with Ripple’s initiative has put XRP under the limelight since SBI is a significant partner for both XRP and the XRP Ledger, promoting their adoption.

Under the guidance of both the Bank for International Settlements (BIS) and several central banks, Project Agora aims to enhance cross-border transaction capabilities by utilizing tokenization technology. The participating central banks include Banque de France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York.

Our goal with this project is to enhance the efficiency of our financial system, all the while preserving the dual-layered system of central bank funds and commercial bank accounts. We aim to introduce innovative methods leveraging smart contracts and automation, ultimately offering seamless services for international money transfers.

This BIS/SWIFT-led project employs digital tokens symbolizing assets on a single, shared ledger, along with self-executing contracts known as smart contracts. The International Institute of Finance has assembled 41 private sector entities for this endeavor, including JPMorgan, Standard Chartered, Sygnum Bank, Visa, Mastercard, Citi, and HSBC.

XRP News: Token and XRPL In the Spotlight

Though the Agora Project’s drive for transforming cross-border transactions using tokenization doesn’t directly reference XRP or the XRP Ledger, members of the Ripple community believe that Ripple’s technology shares similarities and might be in line with the goals of the Agora Project.

Ripple is delving into the potential uses of tokenization within the XRP Ledger. In collaboration with Archax, they aim to transfer real-world assets onto the XRP Ledger as tokens starting from June.

As a crypto investor, I find the idea of a unified ledger intriguing, as it mirrors Ripple’s Interledger Protocol (ILP). This connection implies that Ripple’s technology might play a significant role within this framework, even though it doesn’t necessarily mean XRP will be directly involved.

The Ripple community asserts that Ripple, Bank for International Settlements (BIS), and multiple central banks previously collaborated on projects such as central bank digital currencies (CBDC). Currently, Ripple’s CEO Brad Garlinghouse has stated that the company is pursuing acceptance within traditional finance systems.

1) In the past day, XRP‘s price surged by 2%, now standing at about $0.58. The range over the past 24 hours was between $0.563 (lowest) and $0.589 (highest). Additionally, there has been a 25% uptick in trading volume, suggesting heightened curiosity from traders.

Significantly, Ripple stands out as a key player in the remittance sector. If it manages to secure around half of the worldwide remittance market – estimated to be worth $11.53 trillion in 2024 and projected to grow to $16.59 trillion by 2028 – the price of XRP could potentially surge to as high as $5.

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2024-09-19 15:16