Brad Garlinghouse was speaking at the Singapore Fintech Festival.
Ripple CEO Brad Garlinghouse fired some shots at SWIFT and Bitcoin in a recent Bloomberg interview. He also confirmed that whispers of integration with the former are "strictly rumours".
Competitors after all
XRP, the token used by RippleNet products, has been shooting up in value of late, partly because of an idea that a technical upgrade that SWIFT is due to undertake on the 18th of September will make the two payment systems compatible for some banks.
Judging by Garlinghouse's words, Ripple still sees SWIFT very much as a competitor. Finance Magnatesreached out to SWIFT last week to ask about the rumours and was told by a spokesman that no integration will be taking place.
Separating hype from reality
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a bank messaging service which has been as the world’s principal financial relay system since the late 1970s. However, transactions are expensive and take several days to clear. In January 2017 it launched a new system, which it calls GPI, which is supposed to speed things up.
In June, the SWIFT head of banking responded to a question about Ripple: “...in terms of speed, what problems are you trying to fix? We have our own cloud and API solutions and are already doing Payments in minutes or even seconds.”
But Garlinghouse feels that Ripple will be, and is, "taking over" from SWIFT. He said: "SWIFT said not so long ago that they didn't see Blockchain as a solution to correspondent banking, but we've got well over 100 of their customers saying that they disagree."
Garlinghouse elaborated: "SWIFT is owned by the banks, and we are here to help the banks. We feel like blockchain technologies are a massive step forward in how correspondent banking has historically worked, the technologies that banks use today that SWIFT developed decades ago really hasn't evolved or kept up with the market..."
Regarding the positive price of XRP (its current market value is $20.8 billion), he said: "...as we separate hype from reality... XRP has outperformed [sic] because you're seeing a real use case, it's solving a real problem." He also said that XRP is "a thousand times faster than Bitcoin, a thousand times cheaper than Bitcoin".
He was talking at the Singapore Fintech Festival, which attracted tens of thousands of attendees. According to Garlinghouse, the event's popularity is because "in Singapore we've seen regulators provide clarity about how they're going to approach crypto."
In October, Binance Singapore received funding from a fund partly owned by the local government.
Ripple CEO Brad Garlinghouse fired some shots at SWIFT and Bitcoin in a recent Bloomberg interview. He also confirmed that whispers of integration with the former are "strictly rumours".
Competitors after all
XRP, the token used by RippleNet products, has been shooting up in value of late, partly because of an idea that a technical upgrade that SWIFT is due to undertake on the 18th of September will make the two payment systems compatible for some banks.
Judging by Garlinghouse's words, Ripple still sees SWIFT very much as a competitor. Finance Magnatesreached out to SWIFT last week to ask about the rumours and was told by a spokesman that no integration will be taking place.
Separating hype from reality
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a bank messaging service which has been as the world’s principal financial relay system since the late 1970s. However, transactions are expensive and take several days to clear. In January 2017 it launched a new system, which it calls GPI, which is supposed to speed things up.
In June, the SWIFT head of banking responded to a question about Ripple: “...in terms of speed, what problems are you trying to fix? We have our own cloud and API solutions and are already doing Payments in minutes or even seconds.”
But Garlinghouse feels that Ripple will be, and is, "taking over" from SWIFT. He said: "SWIFT said not so long ago that they didn't see Blockchain as a solution to correspondent banking, but we've got well over 100 of their customers saying that they disagree."
Garlinghouse elaborated: "SWIFT is owned by the banks, and we are here to help the banks. We feel like blockchain technologies are a massive step forward in how correspondent banking has historically worked, the technologies that banks use today that SWIFT developed decades ago really hasn't evolved or kept up with the market..."
Regarding the positive price of XRP (its current market value is $20.8 billion), he said: "...as we separate hype from reality... XRP has outperformed [sic] because you're seeing a real use case, it's solving a real problem." He also said that XRP is "a thousand times faster than Bitcoin, a thousand times cheaper than Bitcoin".
He was talking at the Singapore Fintech Festival, which attracted tens of thousands of attendees. According to Garlinghouse, the event's popularity is because "in Singapore we've seen regulators provide clarity about how they're going to approach crypto."
In October, Binance Singapore received funding from a fund partly owned by the local government.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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