Ripple CEO Brad Garlinghouse went on Bloomberg TV for an interview about the usefulness of his company’s technology and told the interviewer that “any digital asset in the long-term is going to be valued based upon the problems it’s solving.”
Ripple is widely believed to be solving the problems of large asset transfers across borders and has dozens of large institutional clients to show for it. Chief Market Strategist Cory Johnson has previously dubbed Ripple (XRP) “Bitcoin 2.0.”
The Bloomberg segment has Garlinghouse saying that at least 100 SWIFT-connected banks have signed on with Ripple, and that contrary to SWIFT’s opinion, the blockchain and cryptocurrencies can play a vital role in the banking sector.
“SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
XRP trading saw a massive spike last week on rumors that SWIFT and Ripple were partnering via enterprise blockchain platform RippleNet, a rumor that turned out to be nakedly false. To this end, Garlinghouse made a statement which effectively means Ripple has no intention of co-existing with SWIFT:
“What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
Such is the nature of disruption. The strong survive. The more efficient, the better suited, and the most adaptable financial technologies and companies will be what handle the world’s transactions in the future. Ripple’s place in all that is very much to be determined, while SWIFT remains the primary means of large and small transfers across borders, at least in the countries it legally operates in. Cryptocurrency presents a unique opportunity for banks and investors and other members of the financial community to break down borders and get things done.
Ripple recently pushed to move a securities lawsuit against it pertaining to more than into federal court. Like any larger entity, particularly in crypto, the firm spends its fair share of time in court. The lawsuit alleges that the company has engaged in a “never-ending ICO” and that XRP should be classified as an unregistered security according to definitions in federal and California law.
Featured Image from Ripple/YouTube
Last modified: May 20, 2020 2:25 PM UTC