Ripple (XRP) Plans to Replace the SWIFT Banking Network

Ripple CEO Brad Garlinghouse via / Flickr

The niceties have been tossed out the window as Ripple (XRP), a fintech startup building a global blockchain payment network for financial institutions, revealed it has no plans to partner with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking network but instead plans to replace it.

In a recent interview on Bloomberg TV, Ripple CEO Brad Garlinghouse had some choice words for the incumbent banking technology that has more than 11,000 customers in 200 countries and territories.

The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market. 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.

This interview comes just days after speculation was squashed regarding a rumor that RippleNet and SWIFT were planning to integrate, which initially caused the price of XRP to surge.

“What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT,” further clarified Garlinghouse.

XRP is currently trading down 9.8% to $0.46, giving the altcoin a $18.6 billion market cap and making it the 3rd largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Ripple Is Aiming to Overtake Swift Banking Network, CEO Says

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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