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Cryptocurrency News Articles
XRP Recognized by SWIFT as a Bridge Currency for 11,000+ Banks h3>
Sep 29, 2024 at 04:30 pm
SWIFT has recognised XRP as a bridge currency for its network of 11,000+ banks.
SWIFT is the world’s most popular interbank messaging protocol, connecting over 11,000 global banks, ranging from multinational behemoths like JPMorgan and Bank of China to local union banks. In its most recent published figures, it revealed that it was recording 45 million transfers daily, resulting in $150 trillion worth of value transfers facilitated annually.
As XRP enthusiasts noted on social media, this recognition is important for XRP.
BOOOOOOOOOOOOOOOOOOM!!!
SWIFT mentions #XRP as a bridge currency for over 11,000 banks!
Only 10% of SWIFT's system would catapult XRP to over $1,000 pic.twitter.com/KOnpZ3LsyD
— JackTheRippler © (@RippleXrpie) September 24, 2024
In a partnership with blockchain consortium R3 that extends back over five years, SWIFT has mentioned XRP as one of the options for a bridge currency between its participants.
According to SWIFT, a bridge currency is a common denominator that facilitates the exchange of value between two parties who use different currencies. For example, if Bank A wants to send a payment to Bank B, but Bank A uses USD and Bank B uses EUR, then a bridge currency, such as XRP, can be used to facilitate the transaction.
This recognition by SWIFT is a significant development for XRP, as it could open up new avenues for the cryptocurrency to be used in global fund transfers. XRP is already used by several banks, including SBI Remit, Santander, and Standard Chartered, for cross-border payments.
However, its integration into SWIFT could further boost its adoption by banks worldwide.
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