Major Banks Invest in Crypto Assets: XRP Stands Out - COINTURK NEWS
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Major Banks Invest in Crypto Assets: XRP Stands Out

11:28 pm (12 days ago)
November 20, 2023

Some developments that have attracted the attention of investors in the banking and cryptocurrency sectors have taken place. It has been reported that 19 major banks located in North America, Europe, and other regions have made significant investments in various crypto assets.

According to a recent report by the Basel Committee on Banking Supervision (BCBS), these banks have a total value of 9.4 billion Euros, or approximately 10.27 billion dollars, in crypto asset risks.

Among the cryptocurrencies invested in by banks, XRP holds a significant position in their investment portfolios and stands out. The report provided by BCBS shows that XRP, which is among the top 5, accounts for approximately 2% of the total asset value of 188 million euros or 205 million dollars.

Considering this investment, XRP has positioned itself as the third-largest altcoin in the banks’ reported commitments, highlighting its importance in the crypto market.

Bitcoin, Ethereum, and Altcoins

According to the report provided by BCBS, it is evident that most banks’ crypto investments are concentrated in Bitcoin (BTC) and Ethereum (ETH). These two cryptocurrencies constitute a significant portion of the 9 billion euro market. BTC accounts for 31% and ETH for 22%, demonstrating a clear dominance.

The shared report also includes other notable cryptocurrencies that have caught the attention of these financial institutions besides BTC, ETH, and XRP. The other altcoins mentioned in the report that contribute to the diversified crypto portfolios of these banks are Polkadot (DOT), Cardano (ADA), Solana (SOL), Litecoin (LTC), and Stellar (XLM).

Although BTC and ETH lead the list with smaller percentages, the inclusion of these altcoins in the list demonstrates an increasing interest in and acceptance of various crypto assets in the banking sector.

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