The possibility of Ripple replacing SWIFT in executing cross-border transaction has been the talk of the town for quite in the crypto industry some time now especially among XRP enthusiasts. However, despite the fact that Ripple claims to be faster, cheaper and more effective than the bank-owned international payment network, there is no clear indication that Ripple will be replacing SWIFT anytime soon.
Nevertheless, the Chief Executive Officer of the Ripple Network, Brad Garlinghouse, in a recent development declared Ripple and XRP already have a good start in the marathon of replacing SWIFT in the remittance industry.
Brad made the assertion during an interview at the Crypto Town Hall virtual meeting.
When asked about how long he thinks it would take Ripple and XRP to replace SWIFT and whether significant growth has been seen in recent times, Brad said the fact that RippleNet has successfully executed $7b transactions volume is a very good start for the blockchain network, nevertheless, Ripple is still at the early stage of the race.
In a previous tweet, while highlighting some of the achievement made by Ripple and its products, Brad said over $2 million transactions has been performed on the RippleNet network within 3 years, and a total of $7+ billion value national transactions has also been done on the network.
The Ripple Network has over the past few years been on the marathon to outshine SWIFT by offering unique instant cross-border payments services. Brad had earlier boasted that XRP payments deliver within seconds while SWIFT takes days before completion, adding that the Blockchain giant had eliminated volatility concern through its transaction speed.
When asked if SBI Ripple Asia would still be going into production this year and how excited he feels about it, the Ripple Boss averred that he is optimistic about the development and that processes are ongoing and in top gears but reiterated that the network is yet to make any official statement regarding the kickoff time.
As regards whether Ripple is still signing 2 to 3 partnerships per week or if COVID-19 has accelerated it, the Ripple CEO said the pandemic has created tailwinds and headwinds for his company’s business, but he’s hopeful Ripple will exceed its 2020 target.
Ripple Launches New XRP Ledger, V.1.6.0 to Improve Consensus Mechanism
In another development, the prominent blockchain company, the Ripple Network, recently launched a new version of its XRP Ledger, tagged XRP Ledger Version 1.6.0, aimed at further improving consensus management on the XRP Ledger.
The upgrade is design to introduce new features like Hardened Validation, fix amendment Majority Calc and fix 1781to the XRP Ledger. Howbeit, the changes would become effective on the XPR Ledger protocol after it garners over 80% votes from a league of trusted validators in the XRP community
