Blockchain technology is no longer a new vocabulary to most folks across the globe, but in case you haven’t heard about it, perhaps it’s your time now. The reason is straightforward – it’s already winning.
Let’s look at Ripple (XRP), for example. When Ripple announced itself to the world, it was ignored at mass because of its affiliation with the traditional banking industry that drove the fears of centralization.
However, like it or not, in 2019, even the IMF is bowing to Ripple as it has now taken the bragging rights regarding popularity.
Ripple XRP Expansion Getting Hard to Stop
Ripple is well known for tackling the inefficiencies that are involved in the cross-border payment industry. Thanks to its XRP token and xRapid, the crypto is targeting nothing less than conquering the international payment traffic.
The blockchain firm’s CEO Brad Garlinghouse predicted a few months back about Ripple overtaking Swift; it seems his prediction has come true sooner than many expected. Undoubtedly, nothing comes on a silver plate, so Ripple too has scored several partnerships which have elevated it high ultimately. For instance, Binance’s interest in ripple technology is a massive boost, and we all know that banks fancy it a lot.
Not Only Speed and Cost
Despite SWIFT’s firm grip since 1973 on the international money transfer, Ripple has now done it to become the most popular figure. Most would know Ripple to be the fastest option regarding the cross-border payments, adding to its low costs.
But now, the crypto is not only cost effective and faster, but it’s now the most well-known means of payment across the globe. Interestingly, SWIFT is trailing.
Even though SWIFT works with the Global Payments Innovation (GPI) to solve some of the essential problems of the finance system, it seems that it hasn’t prevented Ripple from taking over. Ripple’s xRapid is a public distributed ledger without a central processor; hence, it may not come as a surprise that Ripple is more popular than SWIFT.
Consequently, as like any other thing, the community reacted with mixed feelings. Some of the users affirmed that Ripple is more popular than SWIFT on Twitter only because of the ‘moon boys.’
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.