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:
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:
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
Did you like the news you just read? Please leave a feedback to help us serve you better
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.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…