Ripple is Taking over SWIFT says Brad Garlinghouse, CEO of Ripple

Brad Garlinghouse, CEO of Ripple in an interview with Bloomberg suggested that Ripple is taking over SWIFT.

SWIFT, an acronym for  Society for Worldwide Interbank Financial Telecommunication is a network to send and receive information/money in the banking network. SWIFT has been the standard among banks for decades now, but Brad Garlinghouse says that Ripple is set to take over the SWIFT network.

He said:

“What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift”

Brad says that Ripple exists to help the banks, as SWIFT is owned by the banks there might be some opportunity for partnerships. But SWIFT recently commented that Blockchain does not help with corresponding banking to which Brad says:

“We have got well over a 100 of their customers saying that they disagree”

Some of the other important points that he mentioned are as follows:

• Any digital asset in the long-term is going to be valued based on the problem it is solving, and XRP is solving a real problem of cross-border payments between different banks.
•  2018 has been a record year for Ripple, on an average they have been signing over 2 production contracts a week including big banks from Kuwait, Saudi Arabia, and the United States.
• There was more institutional interest to buy XRP in the last quarter than any other time in history.
• Crypto, in general, has underachieved this year in terms of institutional adoption largely because of regulatory uncertainties and security problems.
• A remittance company just last week used Ripple’s technology and successfully slashed their transaction cost from $20 to $2 and resulting in an 800% increase in usage.

New xCurrent 4.0 to integrate xRapid

A new document from Ripple circulated at the FinTech festival 2018 in Singapore says that the banks using xCurrent will be able to “Seamlessly access” their xRapid product which uses XRP as an integral part of the product.

Xrp news Tweeted:

https://twitter.com/xrp_news/status/1061972044424888320?s=19

Ripple has been pushing for the use of XRP among its 200+ network of banks and financial institutions but has seen little progress. With this new development Ripple may finally be able to start including xRapid for usage among its customers.

Image Source: Bloomberg

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.