Ripple Labs has cast its stone into the vast pond of the derivatives market, marking a significant milestone not only for the company but also for the larger cryptocurrency industry by gaining membership with the International Swaps and Derivatives Association (ISDA).
This pivotal move isn’t just a small leap for Ripple; it’s a giant stride into an exclusive realm. Ripple now stands alongside industry giants like J.P. Morgan, Goldman Sachs, CME Group, and BNY Mellon. Being in the same league as these heavyweights reflects Ripple’s emerging dominance in the global financial sector.
Boasting more than a thousand institutional members spanning 79 countries, ISDA isn’t merely a club; it’s the backbone of the global derivatives market. Their role in setting standards and ensuring risk management best practices makes them an indispensable part of the financial world.
Ripple isn’t the only digital asset making its mark within ISDA; Algorand too finds its place in the “Digital Assets” category. Ripple’s entry, however, signifies the growing acceptance of digital assets on a global scale. With pre-established relationships with major financial institutions and governments, Ripple’s influence is expected to grow even stronger with this new membership.
Ripple’s inclusion in ISDA opens doors to over 1000 institutions worldwide. While the company’s strategic moves within this association remain a subject of interest, its ambition to leave a mark in the global financial market is evident.
Amidst this development, Ripple has been making headlines in other sectors as well. A recent favorable judgment differentiated Ripple’s XRP token sales to retail and institutional buyers, providing a significant operational boost.
Related: XRP Price Surges After Ripple Joins ISDA: Could It Hit $1,896?
Subsequent to this, company insiders have hinted at reinvigorated activities with partners and clients based in the U.S. At the time of writing this article, XRP’s value has seen a modest rise of 3.53%, trading at $0.64, showcasing some positivity despite prevailing bearish trends.
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