Global Financial Institutions Shift Toward Blockchain Integration, Ripple Seeks $155 Trillion Market Share
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Title: Ripple (XRP) Targets SWIFT’s $155 Trillion Market as Banks Invest $100 Billion in Crypto Integration
Ripple, a leading blockchain technology firm, is poised to capitalize on the significant shift in global banking. According to a report backed by Ripple, since 2020, banks worldwide have invested over $100 billion into blockchain infrastructure. This trend, underpinned by data and institutional momentum, strategically positions Ripple to seize a substantial portion of the $155 trillion cross-border payments market currently dominated by SWIFT.
The findings are consistent with recent developments in which financial institutions have been actively integrating cryptocurrency technologies into their operations. In fact, the number of banks adopting blockchain-based solutions has increased dramatically over the past five years. The data highlights that 345 financial entities have already incorporated blockchain-based technology into their financial operations as of this year, with notable names like HSBC, Goldman Sachs, and SBI Holdings leading the charge.
These banks are leveraging blockchain to modernize their payment systems and stay ahead in an increasingly digital financial landscape. Ripple’s XRPL platform stands out for its focus on speed, compliance, and scalability among other viable blockchain platforms considered suitable for replacing or complementing SWIFT’s aging cross-border payment network.
Ripple is also expanding its influence within the global financial system by pursuing a banking license in the United States. This move would allow the company to integrate into the regulated financial environment.
Source: timestabloid.com
