BIS Tests XRP Ledger as Ripple CEO Garlinghouse Says Move Expected
The Bank for International Settlements has begun testing the XRP Ledger, and Ripple CEO Brad Garlinghouse said the move was unsurprising given XRPL's capabilities.
Why it matters
The testing of a major central banking infrastructure institution such as BIS on the XRP Ledger could signal growing institutional interest in the network for settlement and verification purposes. However, the significance is limited given that only one outlet has reported on this development and details of the testing remain unclear.
Key facts
The Bank for International Settlements decided to test the XRP Ledger.
Reported by U.Today
Ripple CEO Brad Garlinghouse said he was not surprised by the BIS testing the XRPL.
Reported by U.Today
Garlinghouse highlighted low fees, fast settlement, and a proven track record as features making XRPL suitable for institutional use.
Reported by U.Today
BIS focuses on using blockchain technology to verify official statistical data without placing underlying datasets on-chain.
Reported by U.Today
Industry experts reportedly resonated with Garlinghouse's statement that the BIS testing was not a surprise.
Reported by U.Today
What happened
The Bank for International Settlements has begun testing the XRP Ledger, according to reporting by U.Today. Ripple CEO Brad Garlinghouse responded publicly, questioning whether the BIS move was surprising and arguing that XRPL naturally meets criteria for an efficient network system. Garlinghouse highlighted three XRPL features he considers suitable for institutional use: low fees, fast settlement, and a proven track record. U.Today reported that Garlinghouse believes the BIS, which focuses on using blockchain technology to verify official statistical data without placing underlying datasets on-chain, is expected to consider exploring the XRP Ledger. The outlet also noted that industry experts resonated with Garlinghouse's characterization. With only a single source covering the story, the details remain uncorroborated.
How the story developed
- First report
First report by U.Today
Ripple's CEO Not Surprised at XRP Ledger's BIS Testing
- Update
BIS announced testing of the XRP Ledger
The Bank for International Settlements began testing the XRP Ledger for blockchain-based statistical data verification.
- Official statement
Ripple CEO responds to BIS testing
Brad Garlinghouse publicly stated he was unsurprised by the BIS testing, citing XRPL's low fees, fast settlement, and proven track record.
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| U.Today Crypto media | Ripple's CEO Not Surprised at XRP Ledger's BIS Testing | Original |
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