ISO 20022: How Well Have ISO Compliant Cryptos Performed in 2024?
Did these projects outperform the market?
There is a long-held belief that one sector of the cryptocurrency market that will perform very well are those projects that are ISO 20022 compliant.
Although hundreds of thousands of cryptocurrencies are actively traded daily, only a handful of cryptocurrencies are considered to be ISO 20022 compliant — so have these outperformed the market so far this year?
First, let’s cover what ISO 20022 is…
What is ISO 20022 Compliance?
ISO 20022 compliance refers to the global standard for electronic data interchange between financial institutions. The goal of ISO 20022 is to streamline the way electronic data is exchanged across the globe, making financial communications more transparent, efficient, and capable of supporting both domestic and international transactions, in particular with the international and global financial markets.
ISO 20022 and Crypto
For cryptocurrencies and blockchain technology, ISO 20022 compliance signifies the potential for these digital assets to be integrated more seamlessly into traditional financial systems.
Cryptocurrencies that conform to these standards can potentially offer improved interoperability with conventional banking systems, thus broadening their appeal and usability across financial transactions globally.
This could facilitate quicker adoption of blockchain technologies in mainstream finance, providing a standardized approach that may meet regulatory and security requirements more straightforwardly.
In summary, many investors believe due to the ISO 20022 standard and potential for global adoption, these cryptocurrency projects will soar in value — But have they?
Let’s look at the performance of some of these ISO 20022 compliant cryptocurrencies:
Price Action From January 2024 to May 2024.
Quant (QNT) — Down 26%
The price of Quant (QNT) cryptocurrency has seen some variation from the beginning of 2024 to today.
On January 1, 2024, the price of Quant was approximately $120.39. As of the most recent data, the price is around $118.77, indicating a slight decrease over the period.
Quant has uniquely positioned itself with the Overledger network, which facilitates the interoperability of multiple blockchain networks. By aligning with the ISO 20022 standard, Quant has enhanced its capability to integrate with the existing financial infrastructure, making it a key player in the blockchain space.
Stellar (XLM) — Down 15%
Stellar has been one of the shining stars in the ISO 20022 landscape. With its mission to connect financial systems worldwide seamlessly, Stellar’s adoption of the ISO 20022 standard has significantly boosted its utility and appeal to institutional investors.
This year, the platform has seen remarkable growth, with its token XLM witnessing a steady increase in value, propelled by broader adoption and partnerships with major financial entities.
Hedera Hashgraph (HBAR) — Up 22%
Known for its high-speed ledger technology, Hedera Hashgraph has embraced ISO 20022, enhancing its appeal to enterprises that require fast and secure transaction capabilities. HBAR, the native token, has seen increased adoption as Hedera continues to expand its services and utility across various industries, thereby boosting its price and investor interest.
Ripple (XRP) — Down 5%
Ripple’s journey with ISO 20022 has been notable, especially considering its focus on cross-border payments. XRP, Ripple’s native cryptocurrency, has seen a resurgence in 2024, thanks to the company’s proactive efforts to comply with global financial communication standards. Ripple’s partnerships with leading global banks have been instrumental in this regard, enhancing the cryptocurrency’s credibility and market presence.
Algorand (ALGO) — No change
Algorand’s performance in 2024 can be attributed to its efficient, scalable blockchain technology, which is fully compliant with ISO 20022 standards. This compliance has helped Algorand to cement its position as a preferred platform for developers and enterprises looking to build reliable financial applications. The ALGO token has benefited from increased adoption and the expansion of Algorand’s ecosystem, reflecting a healthy appreciation in its market value.
IOTA — Down 17%
IOTA is a unique cryptocurrency designed for the Internet of Things (IoT), which does not use a traditional blockchain but instead utilizes a technology called the Tangle.
The Tangle is a type of directed acyclic graph (DAG) that allows transactions to be stored in a decentralized ledger without the need for miners or blocks. This architecture aims to offer free transactions and scalability that traditional blockchain technologies struggle with.
XDC Network (XDC) — Down 21%
XDC Network is a blockchain platform that targets enterprises, particularly in the trade finance sector.
XDC combines the power of public and private blockchains with interoperable smart contracts to provide secure and efficient transaction environments for businesses.
Summary — The Bigger Picture
Comparatively, Bitcoin increased in price by more than 46% in the same period. Overall, it would seem that this category, of ISO 20022 compliant cryptocurrencies hasn’t performed nearly as well as Bitcoin or many other sectors in the crypto market.
Is this an opportunity to buy into these projects at a new low price or are these iso 20022 projects dead?
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