Banks Invest $10.27 Billion in Crypto, XRP Emerges as Top Altcoin

In a remarkable development in the banking and cryptocurrency sectors, 19 prominent banks across North America, Europe, and other regions have reported substantial investments in various crypto assets. According to a recent Basel Committee on Banking Supervision (BCBS) report, these banks have collectively disclosed €9.4 billion, approximately $10.27 billion, in crypto asset exposures. 

XRP Gains Notable Attention

Among the diverse range of cryptocurrencies, XRP stands out, having secured a significant position in the investment portfolios of these banks. The BCBS report indicates that XRP, a major altcoin, constitutes about 2% of the total exposure, amounting to €188 million or $205 million. This investment positions XRP as the third largest altcoin in the banks’ reported commitments, highlighting its emerging prominence in the crypto market.

Dominance of Bitcoin and Ethereum

The BCBS’s findings further reveal that most banks’ crypto investments are concentrated in Bitcoin (BTC) and Ethereum (ETH). These two cryptocurrencies dominate the exposure, with BTC accounting for 31% and ETH for 22%. Investment vehicles that track BTC and ETH also represent a significant portion, comprising 25% and 10%, respectively. This data reflects the sustained confidence in these leading cryptocurrencies and the evolving strategies of banks in the digital asset arena.

Other Cryptocurrencies in the Mix

Additionally, the report lists other notable cryptocurrencies that have garnered attention from these financial institutions. This list includes Polkadot (DOT), Cardano (ADA), Solana (SOL), Litecoin (LTC), and Stellar (XLM), each contributing to the diversified crypto portfolio of these banks. Despite their smaller percentages compared to BTC and ETH, their inclusion indicates a broadening interest and acceptance of various digital assets within the banking sector.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.