Ripple, the major distributor of XRP, has attained new heights following its enlistment into the membership of one of the world’s leading trade associations, the International Swaps and Derivatives Association (ISDA).
Ripple’s latest enlistment into the trade association implies that the blockchain-based digital payment network will join officers, especially from BlackRock and JPMorgan, as revealed via a tweet by Crypto Eri, a renowned user.
👀@Ripple has joined ISDA. 💯FOCUS: DERIVATIVES.
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 4, 2023
Officers from BlockRock, Société Générale et al, directors J.P. Morgan, CME Group, Citi, Goldman Sachs, BNY Mellon, London Stock Exchange, BofA, Intercontinental Exchange et al. 1000+ Institutions are members / 79 countries.… pic.twitter.com/bRMResT7cg
Read Also: JPMorgan Evaluates XRP Lawsuit Final Ruling, States Why Coinbase Should Rejoice
What Is ISDA All About?
International Swaps and Derivatives Association (ISDA) is a private trade organization headquartered in New York City. Its members comprise mostly banks transacting in the Over-The-Counter (OTC) derivatives market. This trading association seeks to improve the market for privately negotiated OTC by identifying risks and means of avoiding them.
Since its founding around the mid-1980s, the ISDA has expanded continuously, with more than 960 member institutions from almost 80 countries.
Significance Of Ripple’s ISDA Enlistment
Ripple’s recent enlistment could be a step in the right direction toward achieving its entry into the world of derivatives and integrating its blockchain technology into the conventional financial market.
Per Crypto Eri, apart from the initially mentioned BlackRock and JPMorgan, the ISDA boasts a very influential list of other global financial behemoths, including Société Générale, Citigroup (Citi), CME Group, Goldman Sachs, and other major establishments.
Notably, Crypto Eri tagged Rahul Advani, Ripple’s Public Policy Officer, noting that he is the right person to contact, especially concerning information about Ripple’s enlistment.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Nature Of Ripple’s ISDA Membership
Ripple’s membership in the ISDA will be an associative type, involving entities that will be significant in the derivatives market infrastructures. These entities include technological solutions providers, clearing establishments, and exchanges.
Meanwhile, derivatives are financial instruments that derive reasonable value from other underlying assets like cryptocurrency. In addition, they also get utilized when analyzing price movement speculations, hedge risk, or access leverage.
Apart from Ripple, other notable crypto-focussed commodities with ISDA associate membership include the proof-of-stake blockchain protocol Algorand (ALGO) and Crypto.com.
Meanwhile, the XRP price today, per CoinGecko, is currently pegged at $0.626206, reflecting a surge of 0.8% based on 24-hour estimation. The digital asset is ranked fifth in the market, with a trading volume estimated at around $800,917,906.
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