Banks Counter Crypto Payment Rails with Own Blockchain Systems

XRP's recent rally has come to an end as the token slipped 2.2% over the past 24 hours, giving back some of its gains from a 49.4% weekly surge.

The pullback is attributed to the growing presence of traditional banks building their own digital settlement systems, which are designed to address pre-funding inefficiencies that XRP was created to solve.

JPMorgan Chase has expanded its Blockchain Deposit Accounts to eight major currencies, allowing clients to transfer balances and swap supported currencies directly on its proprietary blockchain.

Citigroup is also working on a similar system with its 24/7 USD Clearing network, which reaches over 250 banks across more than 40 markets.