- Recent academic research cites Morgan Stanley’s statements on Ripple and its role in decreasing the settlement time in cross-border payment while increasing the transaction speed.
- JPMorgan also has highlighted that Ripple and SWIFT are tackling the cross-border payment challenges in a significant way.
Morgan Stanley’s investment bank has recognized the importance of Ripple and its efforts to redefine global payment. Morgan Stanley described Ripple, or XRP as an alternative for SWIFT. Morgan Stanley’s statement about XRP, according to reports was contained in a document titled “Blockchain in Banking: Disruptive Threat or Tool?”.
Reviewing a portion of Boston University’s academic document on the Review of Banking & Financial Law, shared A crypto researcher, SMQKE found that Ripple adoption by banks could result in a 60% reduction of the total cost for a $500 transaction. Morgan Stanley’s statement was also quoted in the document. “adopting a Ripple-like payment system could significantly reduce settlement times, while reducing the risk of fraud and speeding up transactions.”
Ripple was also given a mention by major institutions in their research reports. The most recent of these came from JPMorgan.
JPMorgan’s Position on Ripple XRP
JPMorgan is convinced that Ripple and other private companies like SWIFT and CLS Group, have taken several groundbreaking initiatives to tackle the problems of cross-border payment, such as settlements and delays. Bank also reported a $120 billion annual loss due to inefficiencies with cross-border payments. Multinational corporations move an estimated $23.5 trillion in annual payments.
JPMorgan says that Ripple has a real time cross-border payments infrastructure which relies on XRP as a settlement method. It cited that the volatility of the XRP token was a barrier to adoption by banks.
The high volatility of XRP makes banks reluctant to accept it as a payment method. There is still no scalable, seamless payment solution which can be used across currencies and countries.
The US Federal Reserve revealed, in an earlier document, that the Ripple system could be integrated to improve its FedNow payments system. As detailed Ripple, along with 26 other accredited service providers, was mentioned in our prior blog.
As well as highlighted An analyst was identified in an earlier discussion. “All Things XRP” Ripple wants to consolidate its reputation by dominating the payment industry, launching their stablecoin railways, and making XRP a default bridge.
XRP, which currently trades for $2.2 following printing, is steadily climbing the price curve. 3% Gains on the daily graph. The last 30 days have also seen a surge in the value of the asset. 13%, With the volume of trading increasing by an astounding 123% According to our estimates, the total amount of money in circulation is $4.84 Billion. According to our recent analysis, the asset showed strength by staging a bullish reverse to $15.
You may also like:
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com
