The Bank for International Settlements (BIS) announced Ripple (XRP) as an official member of its ‘cross-border payments interoperability and extension taskforce’, on August 9.

This taskforce is part of the ‘BIS Committee on Payments and Market Infrastructures’, composed of 33 entities plus the Chair, Ulrich Bindseil, Director of General Market Infrastructure & Payments at the European Central Bank.

“Engagement and partnership between the public and private sector is a key element of the G20 cross-border payments programme. Improvements to payment systems and arrangements underlying cross-border payments require global coordination, cooperation and the commitment of a wide range of public authorities and private sector stakeholders.”

“The CPMI is working to bring together the relevant stakeholders via joint working groups, workshops, consultations and surveys to ensure both strategic perspective and the required subject matter expertise is available to the programme.”

– Bank for International Settlements (BIS) events

BIS is an international financial institution owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks.

The composition of the mentioned Bank for International Settlements taskforce is, as reported, the following:

Ripple features on BIS list. Source: Ripple

XRP price and number of transactions

Data retrieved by Finbold shows that there were close to 1.28 million daily transactions on XRP Ledger, on August 8, as opposed to 1.09 million for Ethereum. Bitcoin (BTC), the leading cryptocurrency, lies far behind, with circa 0.33 million transactions taking place on its blockchain.

XRP 1-day price chart, $0.66. Source: Finbold
XRP 1-day price chart. Source: Finbold

Meanwhile, XRP is, by press time, changing hands at the price of $0.66, registering an increase of 4.09% on the day.

The post Ripple is working with Bank for International Settlements on payments taskforce appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.