Due to the recent fluctuation in cryptocurrencies, some financial institutions have started staking cryptocurrencies. As usual, the leading digital assets like Bitcoin (BTC) and Ethereum (ETH) have been on the top but this time Ripple (XRP) has proved itself the favourite altcoin for some of the banks.
European Banks Staking Cryptocurrencies BTC, ETH and XRP
According to a recent report disclosed by BCBS (Basel Committee on Banking Supervision) shows that 19 leading banks in Europe have invested approximately €9.4 billion ($10.27 billion) in cryptocurrencies. These 19 banks are from the different regions of Europe and North America. It is important to note that Ripple (XRP) has outperformed all digital assets and has become the favourite cryptocurrency of banks in terms of massive inflows.
Ripple (XRP) is Becoming Attention Seeking Coin for Institutional Investors
XRP constitutes a total of 2% of the whole staking volume and is equal to the leading digital assets BTC and ETH. BCBS reported that the total inflow of XRP is around €188 million which is roughly $205 million and is recorded as the 3rd largest altcoin in the market.
However XRP is gaining significant attention, Bitcoin (BTC) and Ethereum (ETH) have maintained their legacy of being leading altcoins of the crypto market. Ethereum has shown 22% inflows and Bitcoin is on the top by accumulating 31% of the total inflow.
Apart from these top three altcoins, European banks are also staking a few of the other significant altcoins of the market like Litecoin (LTC), Solana (SOL), Cardano (ADA) and Polkadot (DOT).
Why Banks Are Taking Interest in Ripple (XRP)?
Amid rapid fluctuation in the price of cryptocurrencies, many digital assets have shown significant growth and XRP is one of them that has shown significant growth in the last couple of weeks. XRP got $0.5M more, ADA and LTC also gained $0.8M and $0.4M. XRP’s appeal to big investors soared due to legal wins against the SEC, plus it widened its banking services to many countries recently.
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