Ripple is preparing for the institutional use of XRP by pitching the merits of the XRP Ledger (XRPL) to asset management behemoth Franklin Templeton.
Ripple CTO Hypes Up XRPL
With many TradFi companies taking an interest in digital currencies and assets, the time is ripe for crypto firms to make a move toward more institutional adoption. That is the approach adopted by the CTO of Ripple, David Schwartz, who has recently presented the XRP Ledger to leading asset management company Franklin Templeton.
Notably, the asset manager tweeted about exploring other layer-1 blockchain networks on Wednesday.
In response, Schwartz asked the asset manager to consider XRPL as well, while highlighting its offerings.
He tweeted,
“The XRPL's decade-long track record in reliability and stability is unmatched, especially in tokenizing and exchanging both crypto-native and real-world assets.”
TradFi’s Interest In Crypto
The investment firm had been recently posting about different cryptocurrencies like Ethereum and Solana, showing its obvious interest in their offerings.
The company tweeted,
“We are excited about ETH and its ecosystem. Despite the midlife crisis it's recently experienced, we see a bright future with many strong tailwinds to push the Ethereum ecosystem forward - EIP 4844, Alt DA, Community Revitalization, Restaking.”
Solana, too is of key interest to Franklin Templeton, especially the former’s achievements in the final quarter of 2023 related to DePIN, DeFi, Meme coins, NFT innovations, and more.
Support For XRP ETF
Schwartz, a key figure in the development of the XRP Ledger, has already garnered support for the introduction of a spot XRP ETF. The XRP community is actively advocating for this move, citing legal clarity and XRPL's established role in the blockchain ecosystem. The potential approval of an XRP ETF is viewed as a bullish development for the XRPL, enhancing its utility and positioning XRP as a viable option for investment portfolios.
The XRPL, known for providing swift, low-cost, and real-time transfers, recently hit a new record by processing 6.8 million transactions on December 30, 2023, significantly overtaking its previous peak back in November 2021. This surge in activity indicates a growing interest in and adoption of the XRPL globally, especially in situations requiring cross-border transactions and settlements.
Franklin Templeton’s Interest In Web3
The global investment firm has been expressing interest in exploring innovative blockchain avenues, aligning with its commitment to invest in public blockchains and Web3. Its CEO, Jenny Johnson, has addressed the increasing interest in public blockchains and reiterated the firm’s focus on blockchain investments and Web3, especially in light of the recent spot Bitcoin ETF approvals.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
