A new research paper places Barclays bank in the same infrastructure with Ripple’s XRP Ledger. In a post by prominent crypto researcher SMQKE, a video snippet reminds us that Barclays former CEO Bob Diamond was ultra bullish on crypto – even claiming that blockchain technology would eventually underpin all of finance.
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But the big reveal is the ClearConnect Gateway. That’s an intersection between the British giant Barclays, RippleNet & a huge roster of other major banks, offering comprehensive inter-bank connectivity & a real-time treasury management experience. This allows precise market timing, which is a crucial component of growing the enterprise revenue.
Why Barclays Prefers Ripple’s XRP Over BTC
In their bi-fold argument, SMQKE also mentions Barclays framework on ‘extensions to the Bitcoin concept’, where they specifically dig into the broader altcoin market as a settlement layer, naming Ripple’s XRP in the given example. Described as one of the most prominent alternatives to Bitcoin’s Proof Of Work (PoW) network.
Ripple’s XRP chain is different from Bitcoin (BTC) because it uses both major financial institutions & their own validator nodes at the core of transaction processing. The consensus is based on trust, adding a sense of structure while staying permissionless.
For Bitcoin (BTC), the global adoption could be a lot harder due to anonymity, Barclays team argues. That argument makes sense considering the authorities might have a harder time harnessing technology that’s based on a ‘Wild West’ nature.
With the institutional groundwork being laid out fast, Barclays paper expects the next few years to be pivotal in terms of blockchain tech adoption, whether its BTC or XRP. Along with that, price appreciation follows typically.
What’s Bugging XRP’s Price Appreciation?
With Barclays diagram showcasing transactions in British Pounds (GBP) on the XRP Ledger, near real-time settlement & immediate validation comes across as huge advantages over traditional payment rails.
On the other hand, Ripple’s tech stack could be embraced more with regulatory clarity.
As the United States (USA) Senate is preparing the final draft of the Clarity Act, Ripple’s institutional posture has already proved itself.
Within their treasury, the San Francisco-based tech giant processed roughly $13 trillion worth of enterprise-level payments, but none of that volume came in XRP or stablecoins.
Doubtlessly, that screams ‘unrealized potential’ – once the regulatory headwinds fall in place, a chunk of that $13 trillion annualized volume, or even all of it, could end up on the XRP Ledger.
With Ripple deepening ties with major banks in both Europe and the United States (USA), Barclays stands out as an early believer in Ripple’s tech stack.
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A crypto researcher shared documents that appear to show a connection between Barclays (a major UK bank) and Ripple/XRP technology, sparking claims that Barclays has adopted Ripple’s system.
The documents seem to link Barclays with Ripple’s network or gateway (like ClearConnect), listing it alongside other banks in a payments or treasury reporting system that references Ripple and XRP.
Bob Diamond has been publicly bullish on blockchain and DLT (Distributed Ledger Technology) for finance, saying it will underpin all of finance and that banks like JP Morgan will adopt it for payments.
