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RippleNet general manager Ashish Birla has just made some interesting comments on ripple’s future and his thoughts on the current lawsuit with the SEC.
First, he confirmed that Ripple already makes about $15 billion in its payments business alone, indicating how well the firm is doing.
This already proves that Ripple is already operating in such a way as to be resistant to any regulatory outcomes in the United States.
One of the most interesting comments was when asked if he thought Ripple would ever replace SWIFT.
In response, Birda said that Ripple intends to do more than SWIFT, which only performs the messaging function of a financial transaction, is currently doing.
Interview with Ashish Birla, some key takeaways:
– SEC lawsuit: unevenness on the road.
– ODL has lifted rippleNet’s traction to the skies!
– @Ripple will adhere to XRP.
Ripple has bigger ambitions than replacing Swift!
And more…👉 https://t.co/44bO29IelP 👈 pic.twitter.com/anhY7ooIHj
— Leonidas (@LeoHadjiloizou) May 29, 2022
“I think we have bigger ambitions than replacing SWIFT. So remember, to transfer money internationally, there are two components. There’s a messaging component, but then you really need to transfer the funds. That’s not what SWIFT does. SWIFT only exchanges messages…
“What’s been really innovative about cryptography and RippleNet is that we’re doing both. We upgraded both. Thus, the use of SWIFT for messaging is similar to what happens today with the use of a fax machine.
So, we’re upgrading that with an API. It’s real-time. But then we also make a settlement. There is no other solution that Ripple would immediately like. So, our solution is now much bigger than what SWIFT does.
“I think SWIFT will exist for another five years. It takes a long time to change, like the entire banking system. I mean, upgrading the mainframe at BNY Melon will probably require a couple of hundred million dollars to upgrade it so they can ditch SWIFT. So I think SWIFT isn’t going anywhere.
Essentially, the CEO expects a phase-out of the existing SWIFT network, as more innovative companies tend to be the first to adopt blockchain technologies.
When they make this transition, RippleNet will be one of the most obvious solutions to their problems, as there really is no other better alternative in the crypto world.
As a result, RippleNet’s potential is more than just a replacement, it’s really succeeding at what the traditional financial system has struggled with.
This then creates a major incentive for all financial institutions to gradually move away from SWIFT, or at least use both systems at the same time.
the Advisory Board of the Arab Monetary Fund has proposed RippleNet as a direct alternative to SWIFT.
The Clearing House, a well-known partner of Ripple, in March teamed up with Wells Fargo (a U.S. multinational financial services company) to create a new instant payment system to challenge SWIFT’s supremacy.
Ripple has also joined the Digital European Association (DEA), a globally recognized organization, to work on the CBDC.
From this new perspective, it seems that the financial world will no longer be dominated by a single network, with several major players emerging in the near future.
#Ripple #ambitious #goals #replacing #SWIFT
