- Ripple partner SBI Holdings has confirmed its participation in Project Agora, a Bank for International Settlements (BIS) initiative exploring the integration of tokenized commercial bank deposits.
- Project Agora, which has attracted interest from over 40 financial institutions, including Visa and Mastercard, will boost Ripple’s global influence.
Ripple partner and Japanese financial giant SBI Holdings recently confirmed its participation in Project Agora, led by the Bank for International Settlements (BIS) along with seven other central banks. The project seeks to explore ways in which tokenized commercial bank deposits combine with wholesale central bank digital currencies (CBDCs) within a single ledger.
SBI Holdings announced its participation in Project Agora earlier this week. As a Ripple partner, SBI brings the XRP cryptocurrency into the spotlight. The Japanese bank has been actively using the XRP Ledger for years now.
As per the reports, Project Agora will tackle existing inefficiencies in the entire cross-border payment process. This includes long transaction times and frequent compliance checks. Project Agora seeks to make these processes more transparent, faster, and cost-effective.
BREAKING: @Ripple-partner SBI Holdings has confirmed participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks!
SBI CEO: “Every Bank will use #XRP by 2025.” pic.twitter.com/cI5nClopDU
— JackTheRippler © (@RippleXrpie) September 19, 2024
Apart from SBI Holdings, some of the participating banks include the Bank of Japan, Banque de France, the Bank of Mexico, the Bank of Korea, the Bank of England, the Swiss National Bank, and the Federal Reserve Bank of New York. The announcement noted:
“Through this project, we hope to improve the functionality of the financial system while maintaining the two-tiered structure of central bank money and private bank deposits, and provide new solutions that utilize smart contracts and programmability, thereby providing highly convenient services in cross-border transactions.”
Project Agora To Boost Ripple Influence Worldwide
One of the most ambitious BIS Projects – Project Agora – has already seen interest from more than 40 financial institutions which include big players like Mastercard, Visa, and Swift. Currently, this project is in its design phase and will continue until 2025.
SBI Holdings’ collaboration further bolsters Ripple’s growing influence in the global financial ecosystem. Ripple’s technology has been instrumental in promoting modernized payment systems. Thus, its partners’ involvement in high-profile projects like Project Agora strengthens its role in the future of digital finance. SBI Holdings has collaborated similarly with other financial giants like Franklin Templeton for other big projects, as reported by CNF.
Additionally, Ripple’s partner Tranglo has expanded its services to Brunei, aiming to offer faster and more secure remittance solutions for migrant workers, as reported by CNF.
Ripple’s native crypto XRP has been trading much close to $0.60 waiting for a major catalyst to trigger a rally to $1. On the other hand, whales have been on an XRP accumulation spree recently grabbing $228 million worth of the altcoin in the last ten days, reported CNF.
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