By Solomon Odunayo
Grayscale, the world’s largest crypto asset fund manager, is growing in the support of the third-largest cryptocurrency by market capitalization, XRP, as it showcased its belief in the potential of the digital token to sizably share from global payments market worth an estimated $2 trillion.
Lately, a host of institutional investors have been foraying into the cryptocurrency ecosystem, showing their interest in buying various digital assets, especially Bitcoin (BTC).
One of the major crypto buyers is Grayscale. The behemoth crypto asset fund manager had centered its focus on the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). There was a time when the crypto investment firm was buying Bitcoin at a rate that surpassed Bitcoin miners’ production.
However, since the beginning of 2020, Grayscale has been shifting its focus on the Ripple’s digital token XRP and other assets alike. Maybe the prospect of XRP is starting to convince the crypto investment big gun. It has increased its rate of accumulating the digital asset substantially.
A few days, it was reported that the firm increased its Grayscale XRP Trust by 100% within 24 hours. To make its interest in the crypto asset more elaborate, the firm published a report titled, “An Introduction to XRP”. There, it stressed that XRP has the potential to sizably share from the global payments market worth an estimated $2 trillion.
Grayscale Acknowledges the Liquidity of XRP
In the report published on its official website, Grayscale acknowledged the services of XRP to banks and other financial institutions in proffering solutions to liquidity issues that banking sector has been tackling for quite a long time.
Over this long-standing liquidity issue, XRP community has backed Ripple to displace some traditional payment systems such as SWIFT, FedWire, among others, which will hopefully open the way for XRP to thrive for adoption.
In the report, Grayscale believes that XRP Ledger is positively impacting the payment market with the introduction of unique products that are related to cryptocurrency.
These unique products referenced by the crypto investment firm include XRP-based On-Demand Liquidity (ODL) and RippleNet. Both are making a great impact in the global payment industry, and they are widely gaining much-needed integration and adoption by notable institutions across the world.
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