Speculations around Ripple-Swift partnership is rekindled as Swift announces its partnership with R3 for its Corda platform that uses XRP and Ripple CEO Brad Garlinghouse said, Ripple was open to “ways we could work with Swift.”
XRP Surges as Swift Announces partnership with R3
As the crypto market turned green, XRP shot off nearly 10 percent. The 2nd largest cryptocurrency has been trading at $0.3194 at the time of writing, as per Coinmarketcap data. In the BTC market as well, it is in the green by 8.14 percent. With a market cap of $13 billion, it is currently managing the daily trading volume of $653 million.
XRP 7-days price chart, Source: Coinmarketcap
XRP has taken off on the back of rumour mill centering around Swift and Ripple. Today, Swift, the arch-nemesis of Ripple announced a partnership with R3, an enterprise blockchain consortium. And the rumour mill has already started going.
According to the announcement, the global payments network, Swift that has 11000 members to its name has launched a proof of concept (PoC) connecting GIP with the R3 Corda platform to “trial a new gateway to interlink trade and e-commerce platforms. The result of this trial will be published in September.
“Following the recent launch of our Corda Settler, allowing for the payment of obligations raised on the Corda platform, it was a logical extension to plug into SWIFT gpi,” said David E. Rutter, CEO of R3
XRP supporters are extremely excited and that can be seen in the sudden spike of its prices. Now the speculations are rising yet again, providing XRP the opportunity to achieve adoption by Swift.
One such enthusiast commented, “We’ve known this for awhile and yet people seem to still think that Swift and XRP have no connections whatsoever when that’s obviously not true at all. Looks like a lot of people are finally seeing what we have been saying for a long time now.”
And another one, “BOOM!!!!!! R3 and Swift! Perhaps XRP integration through Corda!”
However, this time there’s is a good reason for XRP community to speculate as not only R3 uses XRP with the Corda platform but today, at the Paris Fintech Forum, Swift CEO, Gottfried Leibbrandt, who will be stepping down in June, talked about XRP.
“I think that the big part of Ripple’s value proposition is the cryptocurrency XRP. There we do find the banks are hesitant to convert things into a cryptocurrency right now because of the volatility in the currencies” said Leibbrandt.
Also, the presence of Ripple CEO Brad Garlinghouse on the panel that according to CNBC, said that Ripple was open to “ways we could work with Swift,” further fuels the fire.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.