The Numbers of Partners with Ripple (XRP) is increasing in the Institutional Front

The Numbers of Partners with Ripple (XRP) is increasing in the Institutional Front

January 31, 2019 Off Steven Anderson By Steven Anderson

Brad Garlinghouse has led the market into thinking that a tie-up with Swift might be back on the agenda.

While talking at a panel at the Paris Fintech Forum, Garlinghouse stated that there were ways in which Ripple might be able to work with Swift.

Gottfried Leibbrandt, the outgoing chief executive of Swift, announced that international payments network would be partnering with R3, the blockchain company.

The Swift network boasts of 11,000 financial institutions with a daily turnover of $200 billion across the world every day.  They are planning to link the R3 platform with Global Payments Innovation, their new payments network.

Garlinghouse, who was speaking alongside Gottfried Leibbrandt publicly criticized that Swift’s system was aging.

Gottfried stated that investors are willing to free themselves from the centralized system which is becoming stronger with time. Since the decentralized systems are cheaper, secure and faster, consumers are being led to this system.

Garlinghouse opined that Swift was a one-way messaging framework.  He further added that Swift was not a liquidity provider. When thinking regarding the internet of value, Swift is a two-way messaging framework that is moving into a real-time chatting protocol.  He stated, “if you will it will be coupled with real-time liquidity.”

Ripple is looking for partners in the industry.  Of note, Ripple already has multiple partners across the industry in different fields of technology.

Ripple has hired a General Counsel from the CIT group.  Stuart Alderoty is the new general counsel.  He will be taking care of the global legal policy, legal work and compliance with the Bank Secrecy Act.

Of note, Ripple is now fighting a consolidating class action initiated by the investors.  The investors claim they have lost money by investing in XRP.  They have accused Ripple of having sold unregistered coins as security.  Ripple is defending itself against accusations.

While the battle between Ripple and Swift is continuing, the price of XRP has gained by 15% than yesterday. At the time of reporting the news, XRP was trading at $0.32.

Meanwhile, it is seen that the Euro Exim Bank with a Class A International Banking License from St. Lucia sees promise in Ripple.  The bank mainly focuses on providing financial services for importers and exporters.  They are choosing to establish a formal relationship with Ripple.

Graham Bright, the Head of compliance and operations with Euro Exim Bank stated that there is a new program called xCurrent, a pilot project that is a lot similar to what Swift offers today; however, on the blockchain without a middleman.       

Share
  •  
  •  
  •  
  •  
  •