HSBC On Distributed Ledger Tech

XRP News: Ripple Labs is on a global expansion spree despite facing legal troubles from the U.S. Securities and Exchange Commission (SEC). As the blockchain firm is making a move to spread in Europe, a major bank acknowledged its XRP Ledger (XRPL) as a game changer.

Also Read: XRP Gains Outperforms BTC, ETH; Ripple Moves 900 Million XRP Back To Escrow

XRP Marking A Global Presence?

HSBC, one of the world’s largest banks issued a report on Distributed Ledger Technology (DLT) in the Captial Markets. It highlighted the game changers and future trends in Securities Services. In the report, the bank cited how Ripple’s XRP Ledger is solving the problem of real-time cross-border settlements.

(XRP Ledger (XRPL) is Ripple’s DLT which utilizes its native token XRP to make fast and secure cross border transactions.)

However, HSBC mentioned that its foreign exchange tool has handled more than 3 million inter company transactions in the first 6 years. These transactions are worth around $250 billion.

HSBC reportedly holds around $3 trillion of assets under management. XRPL receiving a mention by such a big banking institution suggests the global adoption of Ripple’s technology.

Ripple’s native crypto is on a whopping surge recovering from the decline caused the legal uncertainty in the United States. XRP price is up by 55% on the year to date (YTD) basis.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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