Ripple Labs, a significant player in the cryptocurrency market, achieved a remarkable milestone by becoming a member of the prestigious International Swaps and Derivatives Association (ISDA). The ISDA, a renowned trade organization representing OTC derivatives market participants, boasts an impressive list of members, including industry giants like JP Morgan, Blackrock, Goldman Sachs, BNY Mellon, and the London Stock Exchange.
Crypto Eri, a well-known XRP influencer, took to Twitter to announce the new development in the crypto space and highlight the significance of Ripple’s alignment with ISDA.
👀@Ripple has joined ISDA. 💯FOCUS: DERIVATIVES.
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 4, 2023
Officers from BlockRock, Société Générale et al, directors J.P. Morgan, CME Group, Citi, Goldman Sachs, BNY Mellon, London Stock Exchange, BofA, Intercontinental Exchange et al. 1000+ Institutions are members / 79 countries.… pic.twitter.com/bRMResT7cg
The ISDA’s membership comprises corporations, investment managers, insurance companies, and now, Ripple Labs, adding to its growing representation of digital assets. Notably, Algorand, another significant digital asset player, is already among the esteemed members in the Digital Assets category. With this new membership, Ripple Labs solidifies its position as a prominent player in the global financial landscape, having already established working relationships with numerous financial institutions, businesses, and governments worldwide.
Ripple Labs’ membership in the ISDA is particularly significant as it places the crypto company among over 1000 member institutions spanning 79 countries. As Ripple forges its connections with the association and its members, industry watchers are keen to see if any collaborative efforts would emerge from this alliance.
Notably, recent legal developments have provided some respite for Ripple Labs. Judge Analisa Torres ruled that selling XRP tokens to retail buyers would not be classified as securities, while sales to institutional holders would be considered securities. With this clarification, Ripple officials have expressed their eagerness to re-engage in activities with partners and clients based in the United States.
Ripple’s acceptance into the ISDA marks a significant milestone for the company and signifies the increasing influence of cryptocurrency entities within traditional financial circles. As the world of finance continues to evolve, partnerships between crypto companies and established trade organizations like the ISDA could pave the way for further integration and adoption of digital assets in the global economy.
