Ripple Partner SBI Holding Announces Its Involvement in the BIS Project Agora
SBI Holdings, a key partner of Ripple, has announced its participation in Project Agora, a collaborative effort led by the Bank for International Settlements (BIS) and seven central banks. Project Agora aims to enhance cross-border transactions through tokenization on a unified ledger. This initiative has garnered attention from the XRP community, as there is speculation about potential integration with Ripple’s technology.
BIS Participation in Project Agora
The participating central banks include Banque de France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. Project Agora seeks to improve the functionality of the financial system while leveraging smart contracts and programmability to facilitate convenient cross-border transactions.
Notably, the Institute of International Finance has brought together 41 private sector institutions, including major players such as JPMorgan, Standard Chartered, Sygnum Bank, Visa, Mastercard, Citi, and HSBC. While the initiative does not explicitly mention XRP and the XRP Ledger, the XRP community speculates that Ripple’s technology may align with the goals of Project Agora.
XRPL Tokenization
Ripple has been exploring tokenization on the XRP Ledger and has previously partnered with Archax to tokenize real-world assets. Furthermore, Ripple’s Interledger Protocol (ILP), designed to connect banks and blockchains, resonates with the concept of a unified ledger, hinting at a potential role for Ripple’s technology in the framework.
There is speculation within the XRP community that Ripple and BIS, along with several central banks, have previously collaborated on projects related to central bank digital currencies (CBDC). Ripple’s CEO, Brad Garlinghouse, has expressed the company’s interest in traditional finance adoption.
Price Action and Market Performance
In the market, XRP’s price has experienced a 2% increase in the past 24 hours, currently trading at $0.58 with a 24-hour low and high of $0.563 and $0.589, respectively. The trading volume has also surged by 25% in the last 24 hours, indicating heightened interest among traders.
It is important to note that Ripple is a prominent player in the remittance industry. If it secures 50% of the global remittance market, which is projected to reach $11.53 trillion in 2024 and $16.59 trillion by 2028, XRP’s price could potentially reach $5.
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