Coinspeaker Ripple Joins Goldman Sachs and London Stock Exchange in ISDA to Influence Global Derivatives Market
Blockchain gross settlement system and remittance platform Ripple has joined the more than 1000 members of the International Swaps and Derivatives Association (ISDA), officially entering the derivatives market.
The membership means that Ripple is now a part of the derivatives market worth $1.2 quadrillion. Ripple’s membership also puts the company firmly among others setting standards in the derivatives market and influencing critical decisions. The ISDA’s members are spread across 79 countries and include financial giants like CME Group, London Stock Exchange, Goldman Sachs (NYSE: GS), BofA, Citi, BNY Mellon (NYSE: BK), and Société Générale.
BOOOOOOOOOOOOOOOOOOOM!!!!@Ripple has joined ISDA. It's the DERIVATIVES market (1.2 Quadrillion) #XRP
• BlockRock• Société Générale et al• directors J.P. Morgan• CME Group• Citi• Goldman Sachs• BNY Mellon• London Stock Exchange• BofA
1000+ Institutions are… pic.twitter.com/6yzSxfzhe4
— JackTheRippler ©️ (@RippleXrpie) August 5, 2023
As the market continues to watch the news develop, it is clear that Ripple has gained some momentum from its recent court victory against the United States Securities and Exchange Commission (SEC). Ripple’s XRP token considerably benefitted from the ruling and jumped over 70% to $0.7938 within 24 hours. There are now several extremely bullish predictions for XRP, including one from Wells Fargo’s Treasury Manager.
According to Shannon Thorp, XRP will rise to somewhere between $100 and $500 sometime in the next 4 to 7 months. Her prediction uses Liquidity Strength as an important metric, dismissing considerations others use for their predictions. Thorp said most other XRP predictions are wrong for two reasons. She explains that they either use past Bitcoin-related trends or hope Ripple partnerships will drive the price. Thorp believes these calculations don’t work because they use traditional securities logic. According to her, this logic ignores the court ruling that confirms XRP is not a security.
Nonetheless, Ripple’s ISDA membership may be proof of the company’s efforts at connecting the traditional and blockchain spaces.
Ripple Adds Climate Efforts to ISDA Membership
In addition to joining the ISDA, Ripple has added climate efforts to its belt by introducing Centigrade, a climate-focused tech provider. In a recent announcement, Ripple revealed that it is a founding member of the new company, in collaboration with RMI (Rocky Mountain Institute). RMI is a research and consulting organization focused on sustainable and energy-efficient investing.
“Ripple is proud to be a part of Centigrade as a founding member, investor and technology partner, and excited to help unlock exponential value for carbon project owners, buyers and investors. Ripple will continue to work closely with climate advocates and independent service providers to help grow this market, and be part of the global effort to fight climate change and achieve global climate goals.”
Centigrade is an open data platform that reduces the entry barrier for carbon and nature credit developers to enter the market. The platform also supports full transparency and ensures all credits are traceable throughout their lifecycle. Centigrade is also a neutral player currently not directly owning credits or involved in trading. This way, the platform remains unbiased in its effort to boost the carbon market ecosystem.
Ripple explains that Centigrade is necessary to help carbon credit markets. According to the announcement, carbon markets are “suffering a crisis of confidence.” This is because people doubt its durability and worry it is not scalable.
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Ripple Joins Goldman Sachs and London Stock Exchange in ISDA to Influence Global Derivatives Market
