The post Global Banks Are Betting Big On XRP, Report Shows appeared on BitcoinEthereumNews.com.

Global banks have begun actively integrating crypto assets into their financial operations, and XRP has been one of their top preferences. This news signifies a shift in the skepticism surrounding cryptocurrencies, revealing how some of the world’s leading banks seek to leverage XRP’s fundamental strengths as a cross-border payments system.  BCBS Highlights XRP Dominance In The Banking Sector The Basel Committee on Bank Supervision (BCBS) has recently published its first data collection template report on banks’ holdings of crypto assets. This report gives detailed insight into the crypto exposure of global banks.  According to the publication, 19 out of 182 world banks in the Basel III monitoring exercise have submitted their crypto asset data to the BCBS for review and analysis. Out of the 19 banks, seven banks submitted reports from Europe, 10 banks From the Americas, and two from other parts of the world.  The data collection template revealed that the majority of banks submitted reports on crypto asset exposure, primarily featuring XRP, BTC, and ETH cryptocurrencies.  The report stated that the total crypto asset exposures submitted by the global banks amounted to €9.4 billion (around $10 billion). Among these exposures, XRP emerged as the third-largest altcoin utilized for bank engagements.  XRP investments comprised 2% equivalent to €188 million of the total crypto asset exposures. While Bitcoin and Ether were ranked 31% and 22% respectively.  “Reported crypto-asset exposures are primarily composed of Bitcoin (31%), Ether (22%), and a multitude of instruments with either Bitcoin or Ether as the underlying crypto assets (25% and 10% respectively),” the report stated.  This report underscores the growing interest of XRP in the financial banking sector. The Basel III monitoring exercise report also provides a valuable benchmark for gaining insight into the position of cryptocurrencies in the financial sector.  Token price resumes downtrend |…

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Filed under: News - @ November 21, 2023 4:22 pm