In a recent interview on Bloomberg TV, Ripple CEO Brad Garlinghouse stated that over 100 SWIFT-affiliated banks have signed on with his company. The interview which focused on Ripple’s technology and its usefulness to the financial sector, Garlinghouse he claims that if a cryptocurrency has any value, it will be based on its ability to solve a problem.
The company has made recent news concerning its competition with SWIFT, a global network that provides financial transactions in a secure, standardized and reliable environment. Garlinghouse commented that SWIFT has made a stance suggesting that the future of financial transactions does not lay with blockchain and cryptocurrency.
“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.”
Recently the US dollar-backed global payment network SWIFT held its Sibos conference in Sydney, Australia, announcing the new global payments platform SWIFT gpi. The event was attended by Ripple, which lead to many speculating some form of collaboration. The false rumor lead to XRP trading experiencing a massive spike subsequently, as many believed that SWIFT would in some sense, incorporate Ripple’s enterprise blockchain platform RippleNet.
Garlinghouse commented after the rumors were proved false, indicating that they will not be forming any partnership, but instead surpass the global network.
“What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
Currently, the means to take over SWIFT will prove to be a daunting uphill climb, as the service provider is still the go to solution for any cross-border major and minor financial transfers. However, as Ripple expands into the Middle East, this may just be an endurance race with victory in sight.