Major Banks Accumulating Ripple (XRP) in a Significant Development

BCBS Report: Banks Invest €9.4 Billion in Crypto, XRP Emerges Alongside BTC and ETH

A recent report from the Basel Committee on Banking Supervision (BCBS) has revealed that 19 leading banks spanning North America, Europe, and other regions have collectively invested €9.4 billion —approximately $10.27 billion— in various crypto assets, with XRP being a notable inclusion. According to the BCBS report, XRP commands a significant position by constituting about 2% of the total exposure, translating to €188 million or $205 million, positioning XRP as the third-largest altcoin in the banks’ reported commitments.

BTC, ETH, and XRP Make Up For 90% of Exposures

Bitcoin (BTC) accounts for 31% of the banks’ crypto investments, followed closely by Ethereum (ETH) at 22%. Investment vehicles tracking these leading cryptocurrencies also play a substantial role, representing 25% for BTC and 10% for ETH.

The BCBS findings also shed light on other popular cryptocurrencies in the portfolios of these financial institutions, including coins like Polkadot (DOT), Cardano (ADA), Solana (SOL), and Litecoin (LTC), signaling a broadening interest and acceptance of public blockchains within the banking sector.

Why Are Institutions So Keen on XRP?

XRP’s institutional interest has skyrocketed amid Ripple’s legal victories against the SEC, all while the company has expanded its banking offerings to dozens of countries in the last few weeks. This has contributed to XRP becoming a darling of global banking institutions.

As CryptoPotato reported, crypto institutional inflows soared to $1.32B as digital asset investment products attracted inflows of $176M last week, per a report from CoinShares. XRP saw inflows of $0.5M, while coins like Cardano (ADA) and Litecoin (LTC) also saw positive inflows, with $0.8M and $0.4M, respectively.