Categories: Ethereum

Fake News: SWIFT Denies Rumor it Will Join Ripple’s Blockchain Network

Click here to view original web page at www.ccn.com

Speculation that RippleNet and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) were planning to integrate may have caused the market cap of ripple (XRP) to briefly overtake that of ethereum to take the second position in the overall crypto market.

SWIFT Says it isn’t Joining RippleNet

This was based on the belief that with the integration, RippleNet — an enterprise blockchain which does not use XRP — would serve as a gateway to convincing SWIFT members to adopt XRP-integrated Ripple products like xRapid in the future.

Fueling the rumor was the fact that SWIFT had announced that beginning in November its new standard in cross-border money transfers, SWIFT global payments innovation (GPI), would be upgraded with the GPI tracker being extended to all payment messages for 11,000 banks on the network across 200 countries. With this upgrade, the rumor went, about 4,000 banks would now get access to Ripple products.

However, these rumors have been dismissed by SWIFT, according to Finance Magnates. Through its public relations firm, the bank-owned payments network that was founded more than four decades ago denied that the upgrade had anything to do with RippleNet:

“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet.”

Possibly also contributing to the speculation are some developments which have taken place in the last couple of years. In April of last year, for instance, Ripple hired a former SWIFT executive who was responsible for selling its GPI offering, Marjan Delatinne, as its sales director for Europe.

Worlds Apart in Terms of Speed

Speed, transparency and traceability. With #SWIFTgpi, we are proud to be delivering on our #payments promises to the global community. https://t.co/4p5TTETneY #InsistOnSWIFT pic.twitter.com/XI6YiUEwdv

— SWIFT (@swiftcommunity) November 5, 2018

Had the speculation been true, such a partnership could potentially have seen SWIFT greatly benefit from the RippleNet, especially with regards to transaction speeds. While RippleNet claims it can route “payments efficiently and leverage instant settlement to transact in seconds,” SWIFT says that even with the upgrade, only 50% of the SWIFT GPI payments are credited in under half an hour — and SWIFT thinks that this is worth bragging about.

Prior to the brief “flippening” earlier this week, the market capitalization of XRP had overtaken ethereum’s a couple of times this year, as CCN had previously reported.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: ethether

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

2 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

2 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

2 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

2 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

2 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More