Congratulations! Verge (XVG) Officially Enters the List of Cryptos that Comply with ISO 20022

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Bittime - Verge (XVG) Has Become the Ninth Cryptocurrency to Comply with ISO 20022 Standards

On June 5, Verge announced a major milestone in its development: its token, XVG, an open source digital currency, is now fully compliant with the ISO 20022 standard.

Also read: What is Verge (XVG)? Privacy-Focused Digital Transactions

List of Cryptocurrencies that are in the Top 10 ISO 20022

According to an official statement, Verge is now recognized as one of the cryptocurrencies that adhere to this standard, although its exact position on the list may vary depending on the source of the information. It is important to note that some sources include Cardano (ADA) in this list, while others exclude it. 

Also Read Cardano (ADA): Comprehensive Analysis for Beginners

One Of The Recent Reviews On Cryptopolitan Lists The Following Coins As ISO 20022 Compliant:

• XRP (XRP)

• Quant (QNT)

• Algorand (ALGO)

• Stellar (XLM)

• Hedera HashGraph (HBAR)

• IOTA (MIOTA)

• XDC Network (XDC)

• Cardano (ADA)

• Verge (XVG)

The Verge Project also confirmed that they took ninth place on this list. Additionally, the Verge project stated that XVG coin has successfully passed the SEC's Howey Test and is not considered a security.

Also Read What is the SEC and Its Role in Cryptocurrency Regulation

Just like other projects, Verge aims to bridge the gap between traditional finance and the cryptocurrency world. Standardized message formats enable easy integration of Verge with financial institutions, giving users a choice between ISO standards and Verge's unique functionality.

Also read : What is Simplified Payment Verification (SPV)?

At the same time, Verge continues to follow the core principles of the public ledger currency designed by Bitcoin founder Satoshi Nakamoto and continues to develop various security features.

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What Is ISO 20022?

ISO 20022 is an international standard used in exchanging financial data between institutions throughout the world. This standard defines standardized message formats for various financial transactions, from payments, fund transfers, to financial reporting. 

Framework Uniformity

ISO 20022 provides a uniform framework for financial institutions, enabling them to communicate effectively and efficiently without the need for conversion or adaptation of messages. 

Use of Latest Technology

This standard also supports the use of the latest technology in financial services, facilitates integration between systems, and helps support the growth and development of global financial markets.

What is the Importance of ISO 20022?

The importance of ISO 20022 lies in its ability to improve interoperability, efficiency and security in the global financial system. 

Financial Standardization

By providing standardized message formats, these standards reduce the complexity and costs associated with cross-agency communications. 

This enables faster and safer financial transactions, and facilitates the integration of the latest technology in financial services. 

Global Financial Growth

Additionally, ISO 20022 is also important in supporting the growth and development of global financial markets, by enabling smoother cross-border trade and increasing access to financial services for individuals and businesses around the world. 

Thus, understanding and implementing the ISO 20022 standard is very important for financial institutions and market players in maintaining sustainability and innovation in the global financial industry.

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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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What is Credit Risk?

Dogecoin (DOGE): Definition, History and How It Works

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.