Ripple CEO Blasts Swift, Calls It A Messaging Service. Price Goes Up 15%

By -
HSBC Exec Joins Ripple

The battle between Ripple and Swift has been ongoing for quite some time now. The two opponents target the same market, cross-border remittances, and are thus naturally opposed. At a recent conference, the CEOs of the two firms had the chance to make their case, and Brad Garlinghouse came out swinging. The Ripple CEO referred to Swift as a messaging platform which better systems are gradually replacing. He expressed his belief that the future belongs to decentralized systems.

Ripple’s XRP made major gains, with many analysts attributing it to the Paris Fintech Forum event. During the event, there was a hint that despite their heated animosity, the two firms might work together in the future. The price gained 15 percent to reverse what has been a downward trend since January 10.

XRP rose from $0.28 to trade at $0.332, a 15.5 percent rise in just a few hours. Upbit, Binance and ZBG exchanges led the momentum, together accounting for 25 percent of the trade volume. XRP couldn’t hold on to the momentum, however, and has since lost some of the gains. A press time, the currency was trading at $0.36. It’s still 6 percent higher than it was yesterday and the highest in the past three days.

Garlinghouse blasted Swift for its centralized model in which one entity controls a multi-trillion dollar channel. While there has been much talk about Swift’s GPI network, it’s still centrally controlled. GPI is Swift’s response to the rise of decentralized systems like Ripple that target its market segment. However, as Garlinghouse pointed out, it’s still under Swift’s control and the Brussel-based institution has ultimate control.

The Future Is Decentralized

The future is decentralized, Garlinghouse and the Swift CEO, Gottfried Leibbrandt, concurred. The consumers’ desire to free themselves of centralized control is becoming stronger with time. This is leading the consumers to decentralized systems which also tend to be cheaper, faster and more secure.

Garlinghouse further reiterated Ripple’s commitment to becoming the ultimate ‘Internet of Value’ system. He stated:

Swift today is a one-way messaging framework, it isn’t a liquidity provider. When we think about an internet of value, it’s a mixture of two-way messaging frameworks — moving to a real-time chatting protocol if you will — coupled with real-time liquidity.

However, Swift has a plan of its own to counter the advances of Ripple. Leibbrandt announced that the institution is working on a blockchain initiative of its own. Swift has partnered with R3, Ripple’s arch-rival, in the venture which will seek to better its GPI platform.

He stated:

We are announcing later today a proof-of-concept with the R3 blockchain on trade where you can initiate a payment on the trade platform and then it goes into GPI

The initiative will see Swift tap into R3’s Corda platform which has several other large firms. These firms will be able to initiate payments via the GPI platform which is much faster than the traditional Swift platform.

Image(s): Shutterstock.com

The post Ripple CEO Blasts Swift, Calls It A Messaging Service. Price Goes Up 15% appeared first on NullTX.



January 31, 2019 at 05:48PM

Comments

Post a Comment

Popular posts from this blog

8 Key Tips That Every Single Cryptocurrency Trader Needs to Know

By -
Image
Even though we’re now several years into cryptocurrency becoming somewhat mainstream, although the hype has worn off, the digital, decentralized monetary format is still very much a big earner for people around the world, more commonly known as cryptocurrency traders. As a cryptocurrency trader yourself, you’ve probably witnessed the highs and lows of the market yourself, or even if you’re just getting started, you’ll look for the best way to make a start. With this in mind, today we’re going to help you get going. Below, we’re going to explore eight essential need-to-know tips to help you make the most in your cryptocurrency trading career, ensuring you have the best and most profitable experience. #1 – It’s Just Getting Started Although lots of people have heard of Bitcoin or might have seen it on the news, it’s not fully integrated into society just yet, and there’s only a real minority of people out there who actually use cryptocurrencies daily. That means there’s so much roo
Read more

Over 20% of Institutional Investors Already Exposed to Cryptos, Survey by Fidelity Reveals

By -
Image
22 percent of institutional investors already have exposure to digital assets. This is according to a new report by Fidelity Investments, one of the largest asset managers in the world. The report goes against many crypto skeptics who have been quick to state that institutions are no longer interested in digital assets. The survey polled 441 institutional investors between November last year and February this year. Interestingly, this was a time in which cryptos hit their lowest levels. Nevertheless, institutional investors remained unfazed, with interest in digital assets never really dwindling. Tom Jessop, the president of Fidelity’s digital assets division explained, “We never saw a decline in interest or sentiment during the crypto winter.” The survey revealed that 47 percent of institutional investors view digital assets as “having a place in their portfolios.” The investors, who include crypto funds, also disclosed their preferred investment methodology. 72 percent prefer to
Read more
By -
Image
INTRODUCING "DEEP WEB" THAT LIES BEYOND GOOGLE   The entire expanse of the Internet, going well beyond what you surf every day, is only the tip of a massive iceberg, the size of which is too vast to be known. Far beyond searching the Web with Google or chatting with friends on Facebook, there’s a dense maze of websites that exist out of view, though for how long that will be true is unclear. When most users log on to the Internet, they visit their bookmarked pages or use Google to search for sites that can provide the information they’re looking for. That Internet, used by billions around the world every day, is sometimes known as the  Surface Web , or the Clearnet, as coined by Tor and other anonymous online users. The Deep Web, simply put, is everything else. It’s made up of tens of billions of sites that are hidden within a universe of code — various estimates have put the Deep Web at anywhere from five to 500,000 times the size of the Surface Web.
Read more