When bitcoin was invented a decade ago, and later more cryptocurrencies including Ripple’s XRP appeared, their use was mainly linked with anonymous ways of selling drugs as well as weapons online through marketplaces such as Silk Road.
Later, speculation set in and now it’s all about utility. The financial industry is, by far, showing the highest readiness of adopting blockchain technology for various reasons. And on the front foot, Ripple is leading as the best option for banks.
For that reason, now there’s no room for Silk Road. Subsequently, according to the Ripple’s CEO Brad Garlinghouse, the fintech startup is overtaking old Swift network in a blink of an eye.
Blockchain Technology is the Best and Only Way
The finance industry looks to be taking a new direction to finally adopt blockchain technology as the only way to stay at the top of the game. And as that is happening, SWIFT is being overtaken slowly.
Recently, in an interview with Bloomberg, Ripple CEO seemed confident that the Fintech startup is indeed the hot cake for the financial institutions. Brad Garlinghouse said,
“What Ripple is executing every day is to take over SWIFT. Currently, we’ve signed up over 100 swift-enabled banks that are now using the Ripple technology.”
The numbers are increasing with Brad stating that they have attracted a plethora of new customers who are looking for blockchain on solving logistical issues that are posed by the older systems.
Swift is used by companies as well as individuals for sending and receiving money worldwide. On the other hand, Ripple uses its digital currency, XRP, as a proxy for those customers converting fiat currencies.
What puts Ripple ahead is the fact that it provides liquidity and Garlinghouse states that SWIFT is far behind in terms of technology. In Garlinghouse’s words,
“The technology used by the banks today that Swift developed years back hasn’t really evolved or even kept up with the current market.”
He also added that despite Swift affirming some time back that they couldn’t see blockchain as the real solution; the time is now they should start eating their words.
The cross-border payments have been a significant concern within the financial institutions for a long time, and right now, the means of improving efficiency would be welcomed. Ripple looks to be the best shot for the institutions given the increasing number of banks integrating the technology.
We’ve already heard the rumors of a possible tie-up between the two (Ripple and Swift), but it seems to be rumors anyway as Brad insists that his firm’s main objective is taking over Swift. The task at hand for Ripple of taking over Swift looked impossible some years back, but with the current developments, Brad-led blockchain company’s nose is edging ahead of Swift.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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