The latest discussion on crypto Twitter centers around how global payments are still running on outdated infrastructure, and XRP is being built to fix that gap.
At a recent event, Ripple CEO Brad Garlinghouse delivered one of the most pointed critiques of traditional finance infrastructure. Garlinghouse didn’t just criticize the SWIFT transaction; he also analyzed why it feels outdated at its core.
“I imagine everyone here has done a SWIFT-enabled transaction… you call it a wire transfer.”
Then he pointed out something most people overlook: “The expression ‘wire transfer’ comes from a telegram wire… this is not technology that has moved with the internet.”
That line hits because it shows how old the system really is. While communication evolved from letters to instant messaging, global payments are still relying on infrastructure designed decades ago.
Garlinghouse made it clear this isn’t just about competing with banks or SWIFT:
“Do we compete with SWIFT? Yes… but at the core, what Ripple’s trying to do, we’re trying to let value move the way information moves today.”
Right now, sending money internationally can take days, involve multiple intermediaries, and cost significant fees. Ripple’s idea is to make money move instantly, just like sending a message or an email.
To simplify it, Garlinghouse compared today’s financial system to the early days of the internet:
“I had a Prodigy account, I had an AOL account… there was also CompuServe.”
And here’s the main limitation: “You couldn’t email between CompuServe and AOL… that was not possible.”
Back then, platforms were closed ecosystems. That’s exactly how payment networks operate today: fragmented, slow, and not fully interoperable.
Ripple, using XRP, is trying to create that “internet moment” for money, where value can move freely across networks without friction.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
On April 13, U.S. Bitcoin spot ETFs recorded a net outflow of $291 million, suggesting…
Bitcoin price has broken out of a months-long consolidation phase, signalling a clear shift in…
Deutsche Börse, Germany’s largest exchange group, has invested $200 million in Payward, the parent company…
The Dogecoin price prediction hit another wall on April 12 after US-Iran ceasefire talks collapsed…
Story Highlights Solana Price Today is . SOL stabilized bullish momentum may assist in reclaiming…
Morgan Stanley just made the Bitcoin price prediction crowd pay attention. The bank launched MSBT…
