Crypto pundit Archie has explained why SWIFT’s new global payments infrastructure is bullish for XRP holders. This came as the pundit highlighted how SWIFT’s major partners use Ripple’s RippleNet, which involves the altcoin.
Why SWIFT’s Payments Framework Is Bullish For XRP Holders
In an X post, Archie stated that SWIFT just gave XRP holders the ultimate bull signal. He noted that every bank named in their new retail payments framework is a Ripple partner. Over 50 banks are said to have committed to SWIFT’s global payments framework, which is expected to roll out this year.
Archie reiterated that all the banks that SWIFT has highlighted are confirmed RippleNet partners. These banks include Akbank, ANZ, Axis Bank, and Bank Alfalah. Furthermore, the pundit noted that the full participant list for SWIFT’s payments infrastructure includes banks linked to Ripple, which he believes is bullish for holders.
These banks include Santander, BBVA, Standard Chartered, HDFC Bank, ICICI Bank, State Bank of India, and BNI, as well as Wall Street giants such as Bank of America, Citi, Deutsche Bank, HSBC, and JPMorgan. The analyst said that many of these banks have documented Ripple pilots or RippleNet usage.
Archie noted that SWIFT already routes over 44 million messages daily across 11,500 institutions. As such, this move with Ripple’s partners could draw more attention to the XRP ecosystem. The pundit stated that SWIFT’s move isn’t a competition but rather a continuation of traditional finance (TradFi), quietly admitting that Ripple’s vision was correct, especially as SWIFT is directly building on top of the crypto firm’s existing bank network.
In line with this, the pundit declared that XRP’s real-world utility just got a massive boost, with institutional-grade confirmation. He added that the adoption wave is breaking, with institutions potentially showing interest in the altcoin.
When The Altcoin Will Truly Gain Institutional Adoption
During an interview on the Paul Barron podcast, Franklin Templeton’s head of digital assets, Roger Bayston, said that the token will gain institutional adoption when companies realize how they can use the XRP Ledger to solve real business problems. He opined that a lot of these institutions do not yet understand how they can use the distributed ledger inside of their information-based businesses.
It is worth noting that Franklin Templeton already revealed plans to tokenize its money market fund on the Ledger. Bayston signaled that they were betting big on the toekn as they plan to use the network to boost their operations. He said that they didn’t buy XRP to speculate but to use the altcoin as they operate the tokenized fund on the network.
At the time of writing, the XRP price is trading at around $1.41, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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