Ripple & BIS aim to completely transform the Forex market using the blockchain-powered technology & tokenized finance concept.
Ripple is a San Francisco headquartered blockchain firm which is known for its contribution to the XRP Leger (XRPL), a Proof-of-stake (PoS) crypto network. Ripple also holds a huge amount of XRP coins, the native token of the XRPL network. Since Dec 2020, Ripple has been under huge legal hurdles with the United States Securities and Exchange Commission (SEC).
On 15 Dec 2023, Ripple & the Bank for International Settlements (BIS) collaboratively announced that they are set to move significantly into the $7.5 trillion global foreign exchange (FX) market.
Ripple showed significant interest in BIS’s Project Mariana. Under this project, BIS is in partnership with the central banks of France, Singapore, and Switzerland. With the help of this project, BIS aimed to transform the $7.5 trillion worth of Forex market.
Under this project, all the participants will contribute at their level with their technical support, so that the Forex market platforms can run easily just like crypto Defi platforms.
XRP coin price action
However, XRP coin has no direct relationship with this project but the majority of the crypto investors are looking at XRP coin as a big choice to invest money amid this crypto bull phase.
The current trade price of XRP coin is $0.62 & this trade price is 25% higher over the last 3 months of trade price.
Notably in the last few weeks, the trade price of this crypto token plunged sharply but still, the majority of the whales are targeting this crypto asset as the future’s top performer asset because this year the majority of the investors are aware that this is one & only one cryptocurrency which has clear legal status in the US jurisdiction.
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