Report shows banks are stacking XRP despite Ripple’s ongoing row with the US Securities and Exchange Commision.
According to a recent report from BCBS (Basel Committee on Banking Supervision), 19 banks from all over the world, particularly North America and Europe, have invested a whopping €9.4 billion ($10.3) billion) in number of crypto assets namely Bitcoin, Ethereum, and XRP.
The report shows that the banks have invested 31% of €9.4 billion into Bitcoin, while 22% in Ethereum. The top two are followed by Ripple’s native XRP as the coin represents 2% of the total investment. In numbers over $205 million are invested in XRP.
Other notable cryptocurrencies the banks have invested in are Polkadot (DOT), Litecoin (LTC), Solana (SOL), and Cardano (ADA).
While the report does show cryptocurrencies monetary growth, it is actually more than that. It shows rising institutional interest in the market and particularly in coins like XRP. For the past few years Ripple have been working towards making XRP the coin that could be used as an intermediary asset to transfer money from one country to another.
Many remittance firms have already partnered with Ripple to make their cross-border payment infrastructure that bases itself on the blockchain. Blockchain makes payments faster, cheaper and much secure.
The institutional investment coming to XRP also indicates what market participants think of the SEC lawsuit and how can it conclude. Nevertheless, XRP already has SEC’s back pushed to the wall. The summary judgment, announced by the court in July, declared that XRP is not a security asset in itself and it is the manner in which the coin is sold that matters.
Since the announcement of summary judgment there have been talks of a potential settlement between the SEC and Ripple. But it is said that the amount asked by the SEC is a bit too heavy a fine for Ripple to pay.
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