Seeing big institutions get involved in cryptocurrency always seems to get people’s hopes up in that ‘adoption is around the corner’. Nothing significant has yet happened when big firms start looking into crypto (despite the hype), but now we have seen the chairman of SWIFT say cryptocurrencies are changing the world of finance, so things could be about to change…
Now, I’m aware this might sound hypocritical considering given what I just said however, SWIFT is a whole new ball game.
The head of Ripple’s rival attended the Sibos 2019 conference recently in London where he made quite the argument in favour of crypto.
The Chairman of SWIFT, Yawar Shah said:
“The Financial industry is undergoing an extraordinary change because of new entrants like Facebook’s Libra and the emergence of technologies like cryptoassets.”
Given that SWIFT is one of the most used platforms out there for payments, this could be huge. SWIFT has already sent over 7.8 billion FIN messages and more than 11,000 institutions are connected to it. It operates in hundreds of different countries and is just an overall beast for payments.
But is it in danger?
As crypto emerges and gets bigger, what will happen to SWIFT? Will it still see these record-breaking like statistics or could crypto eclipse it?
Earlier in 2019, the CEO of Ripple, Brad Garlinghouse, said that XRP is actually battling the merits of SWIFT and that it is even a better option. He went onto outline that there haven’t actually been any significant improvements in the technology.
“What Ripple is executing every day is to take over SWIFT. Currently, we’ve signed up over 100 swift-enabled banks that are now using the Ripple technology. The technology used by the banks today that Swift developed years back hasn’t really evolved or even kept up with the current market.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!