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The Crypto Rivalry between Ripple and SWIFT

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Ripple
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The Cryptocurrency market has evolved quite a bit from its fledgling stages of 4 years, With Bitcoin, Ethereum and Ripple almost exploding in value since. Ripple has been at the forefront of the Cryptocurrency market for years now, with the organization starting to gain traction globally by establishing various partnerships across several industries. One of the most talked about sector for Ripple implementation is cross-border payments, which was regarded as one of the plus points for Ripple. With blockchain technology making major in rows into our daily lives, it is not surprising to find that it is starting to replace more traditional and longstanding options in the industry, one of them is SWIFT. SWIFT is a major inter-banking messaging service that handles half of the world’s high-value cross-border payments.

Ripple and Cross-Border Payments:

The payment industry received a welcome news when in early April, Ripple announced that they are teaming up with Spanish Bank Santander for implementing cross-border payment services for their clients in UK, Poland, Brazil etc. Santander became just one of the 100 financial institutions that have agreed to use Ripple’s technology and Santander’s new blockchain based system called Xcurrent, does exactly that.

Blockchain which largely uses a distributed ledger technology brings the power of decentralization, which indirectly also results in quicker, cheaper and secure payment processing services. The introduction of Ripple’s technology would certainly challenge the dominance of SWIFT, which itself is limited by centralization. Crypto-enthusiasts argue that SWIFT’s centralized system results in a lack of transparency, which Ripple provides.

How SWIFT Reacted:

The news of Ripple’s dominance has certainly let to the SWIFT board taking notice. According to Swift’s head of banking Harry Newman, they are in the work of transforming their existing 1998 model into a more contemporary system.  Many reports have indicated that SWIFT have recognized the viability of blockchain implementation and are working towards integrating it into their own systems.

Recent Developments:

The relationship between Santander Bank and Ripple started to flourish when it was announced that a new app will be released for international payments.  The app in question is called “ONE Pay FX” which promises quicker payment processing as mentioned earlier.  The system is supposed to be a marked improvement from the older system that used to take up to 5 days to do the same. With Ripple’s ONE Pay FX, Santander clients can now transfer funds internationally within a few minutes, with the app boasting a speed of 1500 or more TPS.

The fruition of the ONE Pay FX venture will result in marked improvements and probably drive the competition out if implemented correctly. According to both parties, this app succeeds both in terms of speed as well as transparency. It is also radically cheaper than other similar services offered. Thus, the app aims to address gaps in previous systems, by delivering improved user experiences, especially for mobile phone usage. When commenting about this, the Ripple team said: “It is what consumers require and expect in today’s market — whether it’s sending a secure message to a friend, hailing a rideshare or sending money across borders.”

Final Thoughts

In terms of market valuation, Ripple is doing very well. At the time of writing (07/06), Ripple was priced at $0.683681 USD with a market cap of $26,828,685,633 USD, firmly placing it in 3rd position behind Bitcoin and Ethereum. With Ripple’s un-daunting push for securing tie-ups and partnerships globally, the rivalry between these two companies is unlikely to settle down any time soon. Ripple looks to be the undeniable leader in the Cryptocurrency market, however, with CEO Brad Garlinghouse expressing his optimism of Ripple replacing Bitcoin as the major global currency. Given the current scenario, things look very bright for Ripple at the moment.

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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.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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