Ripple’s CEO Says SWIFT Transactions Require Extra ‘Time and Cost’

  • Yuri Molchan
    📰 News

    Ripple’s CEO claims that 6% of all SWIFT transactions cannot be conducted without human operators participating


Ripple’s CEO Says SWIFT Transactions Require Extra ‘Time and Cost’
Contents

Despite the recent news regarding Ripple presenting wrong data about the real amount of XRP stored in the company’s escrow deposits, Ripple’s CEO still presents his company as one of the most reliable and successful crypto platforms developing at a high pace.

Recently, during the Swiss National Bank Conference (SNBC), Brad Garlinghouse made a cut at its major rival SWIFT, saying that its operations require control by human operators.

Ripple CEO is going after SWIFT

As the recent conference took place, Garlinghouse stated that nearly 6% of financial transactions conducted by the SWIFT payment system cannot function without human supervision.

The consequences of this, he said, is that it makes financial transactions more expensive and they take longer. By expensive the Ripple CEO meant not only transaction fees but also the amount of capital necessary for banks participating in transactions.

This, stated Garlinghouse, makes the traditional system of finance even more awkward and inefficient.

High fees and the long time required for each transaction are the major hindrances for traditional transnational payments at the moment, Garlinghouse said.

👉MUST READ

Bitcoin Price Repeats 2017 Rise-and-Fall Pattern: JP Morgan Analysts

Bitcoin Price Repeats 2017 Rise-and-Fall Pattern: JP Morgan Analysts

“Accidental” promotion of Ripple

While enumerating the flaws of SWIFT and the rest of the present system of finance, Garlinghouse said that Ripple’s technology is much more reliable that SWIFT, working faster and cheaper.

Apart from attacking SWIFT, he also made a cut against Bitcoin, saying that the XRP ledger is a ‘thousand times’ faster than the BTC network.

Speaking of the recently launched JPM Coin, which some believed to be the end of XRP, Garlinghouse pointed out that it does not have enough interoperability and dismissed it as a competitor.

XRP hits a new high

As Bitcoin’s price started surging and broke the $8,000 level recently, the other top altcoins rushed to follow it, with XRP being one of the leaders in this bull run. XRP reached the high of $0.4.

Presently, the coin has rolled back a little and is sitting at $0.39, having lost 2.9 percent.

CoinMarketCap.com
CoinMarketCap.com
Cover image via twitter.com
Join our Telegram channel to get news even faster!

About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

👓 Recommended articles

Satoshi Nakamoto Is Back, and He’s Just Revealed the Best Thing Since Bitcoin White Paper

  • Alex Dovbnya
    📰 News

    👑👈Ok, there is a great possibility that the real Satoshi has nothing to do with it, but can we just have some fun?💪😄


Satoshi Nakamoto Is Back, and He’s Just Revealed the Best Thing Since Bitcoin White Paper
Contents

Satoshi Nakamto, the most famous name in crypto that belongs to the anonymous creator, makes headlines again after two of his books popped up on Amazon out of the blue, Hard Fork reports.

While it might seem like a well-elaborated trolling attempt, this initiative actually serves a serious purpose.  

👉MUST READ

Blockstream CEO Adam Back Claims That Satoshi Nakamoto Is One Person

Blockstream CEO Adam Back Claims That Satoshi Nakamoto Is One Person

Bitcoin, colorized

If the original Bitcoin white paper seems way too overwhelming for you, The Official Bitcoin Coloring Book could be a good start.

According to the description, the book offers you a relaxing experience that will help you realize the “tremendous potential” of Bitcoin.

However, the fun doesn’t stop there – the Amazon Satoshi also claims that he had hidden a Bitcoin treasure online, and this book will provide the necessary clues (of course, you shouldn’t take these words at their face value).

The books are also accompanied by hilarious reviews.

The book reviews
the biggest names share their take on Satoshi’s new book, image by Amazon

👉MUST READ

‘I'll Wait’: John McAfee Backpedals on His Plan to Expose the Identity of Satoshi Nakamoto

‘I'll Wait’: John McAfee Backpedals on His Plan to Expose the Identity of Satoshi Nakamoto

Frivolous about serious

Wave and Ripple Design Book, the other book offered by Satoshi, is less exciting since (as the name suggests) it is actually a selection of Mori Yuzan-inspired wave and ripple designs that are completely unrelated to Bitcoin, Waves, Ripple, or anything crypto. Like, what’s the purpose?

As the author states, they all the proceeds from these books will go to charitable causes.

He is donating 100% of his book royalties to support STEM and environmental education programs serving underprivileged youth.

However, we are yet to find out anything about his real identity.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

👓 Recommended articles