Despite encountering legal challenges from the U.S. Securities and Exchange Commission (SEC), Ripple Labs is actively pursuing global expansion. In its latest move to establish a presence in Europe, the blockchain company received recognition from a prominent bank for its XRP Ledger (XRPL). HSBC, renowned as one of the largest banks globally, released a report focused on Distributed Ledger Technology (DLT) in the Capital Markets.
HSBC’s Recognition
Within the report, HSBC acknowledged game-changing advancements and emerging trends in Securities Services. Specifically, the bank highlighted how the XRPL enables fast, secure, and cost-effective transactions, eliminating the need for intermediaries and significantly reducing settlement times. Furthermore, the technology offers a transformative approach to real-time settlement across borders, enhancing efficiency and transparency in global financial transactions.
Additionally, HSBC acknowledged that its foreign exchange tool successfully facilitated over 3 million intercompany transactions within the initial six-year period, amounting to approximately $250 billion in value. HSBC, which reportedly manages assets worth around $3 trillion, specifically mentioned the XRPL, signaling the increasing global acceptance and adoption of Ripple’s technology.
Related: Xumm, The Leading XRP Ledger Wallet, Unveils Bold New Identity in Major Rebranding
Ripple’s Ambitious Outlook
Following a period of legal uncertainty with the United States SEC, Ripple’s native cryptocurrency has experienced a remarkable surge, successfully recovering from the previous decline. On a year-to-date (YTD) basis, the price of XRP has risen by an impressive 55%. Notably, a significant portion of this gain has been achieved within the past 2-3 months. This surge in value can be attributed to Ripple Labs, who, as defendants in the SEC lawsuit, have obtained favorable judgments in their favor, bolstering market confidence and positively impacting the token’s performance.
HSBC’s recognition of Ripple’s XRP Ledger as a game changer carries significant implications for Ripple Labs and its efforts to achieve widespread adoption of its technology. The acknowledgment from a major banking institution of HSBC’s stature lends credibility to Ripple’s innovative approach and further validates the potential of blockchain-based solutions in transforming the financial industry.
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