In a recent interview with IMF’s Deputy General counsel Ross Leckow, Ripple’s CEO, Brad Garlinghouse discusses company’s partnership. During the discussion at Monday’s Singapore Fintech Festival, he states the Ripple Labs is gaining potential opportunities than SWIFT. Ripple Labs, a blockchain startup is more faster and employ the latest technologies where SWIFT, (Society for Worldwide Interbank Financial Telecommunication) has been since a long to send and receive money.
However, Ripple was in the bulletin quite often – during the discussion, he also strictly shed light on the rumors spreading the “counterfeit over Ripple-Swift” partnership. He went to say that IBN (International Bank Account Number) and SWIFT are the global payment network and the partnership between SWIFT and Ripple is a strict rumor. He believes that “Ripple is already taking over SWIFT”.
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market,”.
According to its official website, Ripple Labs work with 100+ Fintech and payment providers using its RippleNet technology. Its clients include Japan’s Mitsubishi UFJ Financial Group and Standard Chartered. Whereas the points that Swift didn’t agree on blockchain as a solution to the correspondent bank and thus the partnership news is forged.
He moreover stands on below statement;
“What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift,” he said.
Since the announcement rolled out, XRP valued with the market cap of $21,010,109,142 and a coin value $0.522 with the price surge of 3.57% in 24 hours. However, we also see Stellar ticked to the fifth position it topped earlier with a market cap $5,014,195,962.
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