Connect with us

Featured news

Ripple and SWIFT are ‘doing different things’: ex-SWIFT and current Ripple employee

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

Ripple’s mission is often described as substituting SWIFT as the world’s standard system for settling international payments. It is a natural way to see it because, in the end, both systems should get the same results. Except Ripple is way cheaper, faster, and more reliable than SWIFT. But let’s take a closer look.

Just yesterday, @DiepSanh published a short interview featuring Marjan Delatinne, who currently works at Ripple but used to be an employee of SWIFT. This is a person who knows both systems inside and out and, in the interview, she says that they are completely different things which are not in opposition, but that could be complementary as long as the markets are willing to work along both at the same time.

Let’s review some of the basics so we can understand Mrs. Delatinne’s statements in full.

SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication.” It’s based in Belgium, and it was founded back in 1973. This is the system that banks use all over the world to settle transactions across borders. This is a system that was created before the internet when telegraphs and telex were the fastest means to communicate.

That means unlike Ripple, it’s slow, expensive and prone to error. Also, SWIFT doesn’t really allow for its members to exchange money, just information. Imagine Bank A saying to Bank B (in some other country) if you pay X dollars to this client you have in your country, you’ll get them back from me at the end of the week, or month or whatever the business cycle is.

As the system’s name says, it’s a telecommunication system, nothing more. And in an age in which telecommunication is all about mobile phones, Skype, Whatsapp, emails, and the internet, SWIFT’s telecommunication system is painfully primitive.


Ripple is a different animal, according to Mrs. Delatinne. Banks using Ripple’s technologies are not just exchanging slow messages that promise to settle payments in the future.

Utilizing the blockchain technology and Ripple’s XRP digital asset, the platform allows for banks to have the transaction settled in full in a matter of minutes. So Ripple is not the new email for banks. They don’t exchange just information about promises to pay and exchange money. They actually can exchange money, in minutes, using Ripple’s applications and tokens.

In the former SWIFT and current Ripple employee view, the markets will end up choosing the better option on their own, but there is enough space for both systems to co-exist together as they provide the same customers with services that are fundamentally different. In the end, the banks and other financial institutions will come to see which option improves the end user’s experience the most.

Ripple has the potential to correct many inefficiencies in the international transfer and remittances markets, and it’s doing it, slowly but surely. Will it take over SWIFT? Maybe it doesn’t need to. Perhaps both systems can work in tandem, as suggested by Mrs. Deltainne in such a way as to improve user experience by combining the best of both worlds.

And this doesn’t apply to Ripple only. Remember that Stellar Lumens has IBM’s support to attack the very same market, and they have been gathering partners almost as important as Ripple’s.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Twitter

Featured news

Playbetr: Bitcoin and Litecoin and Cryptocurrency Sportsbook and Casino

Published

on

Playbetr
READ LATER - DOWNLOAD THIS POST AS PDF

When it comes to online casinos, cryptocurrency, bitcoin and litecoin sportsbooks, www.playbetr.com is a premier site in the industry, offering only the best in gaming and entertainment. With more than 1,000 casino games of a wide variety, there’s no reason for users to look elsewhere. Top-rated experiences and positive reviews all around have put Playbetr on the map, marking it as the best place to play. A quick look at their features will only help to solidify this ranking.

History

Seasoned vets of the cryptocurrency casino and sportsbook industry worked hard to develop Playbetr and get it to where it is today: the #1 licensed site. Because of their intuitive ideas and expertise, this group of professionals was able to bring together only the best of cryptocurrency, casinos, and sportsbooks to engage with their users on a heightened level.

With entertainment at the forefront, this pbr-based online casino and sportsbook is 100% cryptocurrency and is tied to U.S. dollars. This unique take on cryptocurrency eliminates the concern for the unstable market that online currency can sometimes bring about. With zero worries on the user’s end, Playbetr makes it possible for them always to have an accurate view of their winnings with the ability to immediately withdraw them.

Continue Reading

Featured news

The Stability is Here: USD Tether Comes to 1xBit

Published

on

USD Tether
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrencies have been stirring the interest of the general public for the last several years, mostly because of the wild price swings that yielded massive profits for the dextrous speculators. The unprecedented level of security, almost complete non-traceability, superior speed of transactions, and substantially lowers fees are among the factors that facilitated the embracement of cryptocurrencies by the millions around the globe.

But on the flip side, high volatility, inherent to digital currencies, has oftentimes dissuaded traditional investors, traders, and common users from entering the space. However, things have changed after the emergence of stablecoins, the type of cryptocurrencies explicitly designed to provide holders with a hedge against severe volatility, thanks to their direct binding to the so-called “stable” class of assets or commodities. Those assets come in the form of the traditional fiat currencies (USD, EUR, CNY) or the traded commodities (gold and other precious metals, crude oil, rubber). Over a short period of time, stablecoins became a cog in the crypto machine, with one coin currently dominating this niche.

USD Tether: stability amidst the total volatility

Similar to Bitcoin, the dominance of which has already surpassed the 70% mark, USD Tether (USDT) currently holds the upper hand among the peers. The idea concerning the issuance of a cryptocurrency that would be pegged to the US dollar, along with a basket of other traditional currencies, to provide…

Continue Reading

Featured news

Now is the Perfect Time to Become a BitStarz Affiliate

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency isn’t just a passing fad or get rich quick scheme, it’s an innovation that is changing the world as we know it. No industry has benefited more from cryptocurrencies rocket to the moon than iGaming, as it’s grabbed onto the digital coin revolution with both hands.

What was once something offered by just a few niche casinos has actually catapulted the likes of BitStarz to industry superstardom. The growing benefits of Bitcoin and other cryptocurrencies used in iGaming simply can’t be ignored, with affiliates now also able to reap the benefits – there simply is no better time to become a BitStarz affiliate!

Affiliate Marketing is a Money Maker

Affiliate marketing has a hand in almost every industry, even if you don’t see it. In fact, from retail all the way through to ICOs, affiliate marketing has a role to play in generating business and brand awareness for companies around the globe. This certainly isn’t a one way street relationship either, as affiliates under the right scheme can generate huge revenues.

Where there is iGaming there is affiliate marketing, the two just seem to go hand in hand. Long before other industries woke up to the value of affiliate marketing, iGaming was already ahead of the curve. Now, take a new innovation like crypto, which commands headlines, and mesh it with the ever popular online casino industry…

Continue Reading

Elite