Friday, March 29, 2024

Ripple is aiming to overtake Swift banking network

Ripple Labs Inc., Blockchain Startup whose electronic currency is often employed as a proxy for additional cryptocurrency obligations, is acquiring new customers because financial companies are looking for faster, more up-to-date technology than swift banking systems, Chief Executive Officer  Brad Garlinghouse said.

Swift, a short-term for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have been introduced to send and receive cash by banks, businesses, and individuals. Ripple was with headlines in September when the XRP, its cryptocurrency commonly known as Ripple, is rallied temporarily. Based on the Bitstamp prices compiled by Bloomberg, It stays down over 80 percent this year out of its January summit.

Blockchain technology can remove the need for a fundamental standardized system because it acts as the account holder of the people, which allows electronic transfer of cash without the need to track it through accounts in banks and financial institutions. Although ripple, bitcoin has gained popularity with other cryptocurrencies, yet they have to unseat the standards adopted by the financial sector for cable transfer. Situated near Brussels, Swift has more than 11,000 customers in 200 countries and areas based on its site.

Last month, a global anti-money laundering body, the Financial Action Task Force said that world authorities are required to organize the regulation of electronic assets to prevent criminals and terrorists from misusing them. The Cryptocurrency Market has faced high profile Forex hacks, has improved international regulatory investigations and also a lack of broader mainstream adoption among institutional investors.

Garlinghouse said in an interview with Bloomberg TV during a program in Singapore, “The technologies that have been used by banks now, have been developed by Swift for the past decades, have not been developed or maintained with the current market.”

Also Read: IBM Claims Blockchain Can Power ‘Open Scientific Research’ in New Patent Filing

Ripple Labs claims on its site that it has more than 100 banks and payment suppliers on its own RippleNet network, such as Mitsubishi UFJ Financial Group Inc. of Japan and Standard Chartered PLC. Garlinghouse also said that speculation was not correct on blockchain sector of potential link-ups related to Ripple and Swift.

He explained, “What we are doing and executing a day-by-day foundation, in actuality, carrying over Swift,”.

David Canellis
David has worked as a crypto/blockchain reporter for various media agencies before starting BlockToro. He loves old-school adventure games, techno, and the Beastie Boys. He is probably watching a StarCraft stream right now. To get in touch with David for news reports he published you can email him on David@nationaltimes.in or reach him out in social media linked below.

Latest news

Related news

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here