Categories: Altcoin News

Ripple Beating Swift with Significantly High Speed & Minimal Cost

advertisement

Ripple is making a lot of progress over Swift which currently monopolizes the remittance market. With various solutions, low transaction time, low cost, adding partners, and offering less volatility and more, Ripple is surely making its move.

Advertisement

It’s a matter of either seconds or hours

It is a no hidden fact that Ripple is looking to replace Swift and dominate the financial industry. No doubt, Ripple has already started making headway by introducing its various products viz. XRP, RippleNet, xRapid, xCurrent, and xVia along with a number of partnerships with banks and financial institutions all over the world.

Swift or Society for Worldwide Interbank Financial Telecommunication is being used all over the world. However, if we take a look at the data, Ripple shows much better results as shared by an XRP enthusiast on Twitter:

As commented by KimXRPossible, “Who can wait 11 hr 6 min? It’s 2018, not 1918!”, people share similar sentiments in today’s world.

Not long ago, over 2 billion XRP has been sent in a matter of seconds and at a minuscule fee:

Advertisement

Furthermore, Michael Arrington of crypto hedge fund Arrington XRP Capital recently stated:

“Our very first closing was over $50 million, and we moved that money in 3 seconds, and it cost like 20 or 30 cents to move that $50 or something million dollars.”

Also, read: Ripple’s Battleplan in Action: RippleNet, xRapid, and xCurrent in Great Demand

Moving towards dominating the remittance space

Recently, David Schwartz, CTO of Ripple said,

“We want to create a payment network like SWIFT. But one where the settlement, the actual movement of money, the actual plumbing underneath the surface, would be a decentralized, open network. The endgame is just money moving invisibly, as easily as information.”

Moreover, early this year, Ripple has shared the below Tweet:

Ripple community is leaving no facet unchecked to showcase Ripple’s dominance over Swift as another enthusiast shares:

“In 1973, 239 banks from 15 countries got together to solve a common problem: how to communicate about cross-border payments. The banks formed a cooperative utility, the Society for Worldwide Interbank Financial Telecommunication, headquartered in Belgium. SWIFT went live with its messaging services in 1977, replacing the Telex technology that was then in widespread use, and rapidly became the reliable, trusted global partner for institutions all around the world.

TRS80 was released August 3rd, 1977. 4 years it took them to develop a system to last the next 41 years. When was XRP released?”

Well, there’s another theory in play as well, as shared on Twitter:

Whatever may be the plan, Ripple has thought of everything as confirmed from its huge amount of XRP supply:

Swift has over 10,000 banks in its bag and planning to introduce GPI by 2020. Ripple has already added 100 partnerships and GPI isn’t necessarily a Ripple-killer, though it can create hurdles for the company behind the world’s 3rd largest cryptocurrency.

Ripple definitely beats Swift with its speed by taking way too less time in processing the payments along with minimal transaction cost. However, the liquidity factor presents a challenge. But as emphasized by Ripple CEO Brad Garlinghouse numerous times, XRP’s few seconds of volatility just might be better than the days of volatility.

Swift might have the monopoly in the remittance market right now, but the way Ripple is moving forward, targeting different corridors and at a fast pace, the situation might reverse in the coming future.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Sagar Saxena

Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com

Recent Posts

Breaking: Bitcoin Mining Firm Cipher Set to Go Public at $2 Billion Valuation With SPAC Merger

Cipher Mining, a bitcoin mining subsidiary of mining hardware manufacturer Bitfury is all set to…

10 hours ago

Just-In: MicroStrategy Buys Additional $10 Million Worth of Bitcoin in Cash

MicroStrategy has bought $10 million worth of additional Bitcoin today at $48,888 per piece. The…

12 hours ago

NFT Google Search Volume Exceeds DeFi and Ethereum (ETH) As Celebrities Join the Craze

Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto…

16 hours ago

Reuters: SEC’s Lawsuit Didn’t Impact Ripple’s Business in Asia-Pacific Region

Brad Garlinghouse, the CEO of Ripple in a recent interview with Reuters had said that…

16 hours ago

Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud

Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years…

17 hours ago

Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly

In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping…

17 hours ago