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Ripple: a new XRP spot ETF and a challenge to SWIFT
By Davide Grammatica
On the cross-border payments front, the challenge to SWIFT by Ripple is getting more intense, while it awaits the launch of a new XRP spot ETF
Ripple's challenges
A recent report by financial firm Houlihan Lokey highlighted Ripple ‘s new development prospects on the cross-border payments front. Indeed, the major crypto entity would build the foundations, in this 2024, to challenge barefaced competition in the sector, and primarily SWIFT.
There is a lot of talk about it in the XRP community these days because of some recent licenses obtained in various jurisdictions, and in particular because of the support gained from the Dubai Financial Services Authority (DFSA) just these days.
Indeed, this would allow Ripple to more confidently approach a market with volumes of $520 billion a day (according to the Payments Market Update), with the necessary tools to challenge SWIFT on interoperability and transaction fees.
According to Houlihan Lokey, Ripple and blockchain technology, with the help of Ripple Payments Direct (RPD), would have all the makings of an answer to the issues at hand, and at the same time, the new solutions brought forward by others such as Airwallex, Wise or Nium should not be underestimated.
“Blockchain technology provides faster execution times, lower fees and greater security, facilitating more convenient and efficient operations in international transactions,” the report says.
April market report on xborder payments from investment bankers Houlihan Lokey mentions #Ripple as a Swift challenger along with other fintechs, many of which use Ripple and some #XRP.https://t.co/2rKLFYTz3z pic.twitter.com/lgyDUV1JCn
— WrathofKahneman (@WKahneman) September 30, 2024
A new ETF for Ripple?
Meanwhile, renewing enthusiasm on the Ripple front has also been taken care of by asset manager Bitwise, which has filed an application with the SEC for approval of a new XRP spot ETF.
The company is still engaged in a lengthy legal battle with the SEC, and this may not help the ETF’s approval path. However, the road to new products based on the other altcoin now seems marked. And several issuers already committed Bitcoin and Ethereum side have hinted that they plan to expand this sector to other assets.
