Ripple Not Partnering with Swift
There are rumors circulating on social media and within the crypto community that Swift and Ripple are working towards a partnership. Mr. Garlinghouse, CEO of Ripple classified the allegations of the partnership as strict rumors. He continued saying that a potential partnership with the global payment network is not relevant since he believes Ripple is already taking over Swift.
Swift is a global provider of financial messaging solutions that can be deployed at banks, capital markets, corporations, and market infrastructures. Meanwhile, Ripple initially was simply a crypto company, it has developed it’s portfolio into that of a blockchain business solution provider aiming banks, governments, large, and corporations. While ditching out the allegations of a possible partnership with Swift, Mr. Garlinghouse Said,
Strictly rumors. There are lots of rumors and I’m hesitant to comment on any rumor, because if you comment on the false rumors then you have to comment on the true rumors. And so you just avoid all of them.
Garlinghouse continued expressing that he believes what Ripple does every day is taking over Swift. He explained saying Ripple is currently signed up with well over 100 banks. He iterated that some of the largest swift enabled banks in the world are now using Ripple’s technology in implementing their day to day businesses.
Providing a Cheaper More Resilient Blockchain Base Solutions to Banks
Garlinghouse bragged that just a week ago, a remittance company who signed up for Ripple technology was able to cut transactions fees from $20 to just $2. He said the company realized an 800% increase in usage of its services overnight. Also, he got back saying Swift is not able to support such dynamics that Ripple can address at the moment.
On Swift’s stance regarding blockchain technology, Garlinhouse explained saying, Blockchain is a massive step forward in terms of how correspondent banking has historically worked. He states that the technology banks deploy today came into existence by swift decades back. He highlighted that such technologies have not evolved ever since. Regarding the cryptocurrency, XRP said the digital asset is solving a real-world problem at scale. Moreover, he states,
I think any digital asset in the long term is going to get value upon the problems it’s solving. Is it solving a real problem at scale? I think people increasingly have seen that XRP is solving real problems. Both how Ripple is using it to solve a cross-border payments problem. Selling those technologies to banks and financial institutions.
He revealed however that cryptocurrency market is nascent with a lot of speculations. Moreover, he says there is too much hype and as Ripple, they aim to separate hype from reality. He said the reason XRP has outperformed the other coins is that of its real-world use cases and problem-solving capabilities.
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