Swift, a global network that deals with most cross -border payments in the world, is preparing to introduce its own blockchain as rumors about the current battle in the fight against Ripple. Although many often Compare the role of Swift with Ripple Due to payments related to XRP, this novel plan is not a direct challenge for FinTech, but rather a part of a much larger race about billions of dollars to define the future of digital money.
Swift Partners from Conszensys for Build Blockchain Network
According to The announcement of Swift cooperates with Conszensys, Ethereum Development Company founded by Joe Lubin to create a common digital book that serves faster, cheaper and more capable international transactions.
Swift still maintains Book of blockchain At the prototype stage, but leading banks are already testing them. JP Morgan in the United States and Deutsche Bank in Europe belong to the main institutions participating in these early attempts.
Swift and its partners design a novel infrastructure supporting regulated stableleins, as well as tokenized resources. The common book connects directly with private blockchains, whose organizations apply internally and to public blocks open to the general public. By combining these two Banks and financial companies In various regions he will be able to join the platform without the need to give up the systems they already apply.
Waving, long known from Combining your XRP token with cross -border solutions has been in this space for years. However, the announcement notes that the Swift strategy is different. Instead of relying on one cryptocurrency, it creates a network that works directly with banks and established institutions.
Trillion dollars threatening Stablecoin pushes the swift blockchain race
Swift, to start your own blockchain, can be part of a much larger battle a trillion battle in the payment world. Stablecouins, which are digital assets related to FIAT currencies, are currently used in transactions with a value in trillion dollars. The escalate in Stablecoin can question the long -term role of Swift in global payments. If the banks start To resolve transactions directly via Stablecoin, they may not depend on the global message of messages for cross -border transfers.
Banks may incur rapid growth of stableleins Avoid swiftAnd if banks decide to apply novel digital payment systems instead, the SWIFT role can decrease significantly. The global network of sending messages for financial institutions is now building the Book of Blockchain as part of its framework to reduce this risk and prevent the migration of banks to competing suppliers.
Movement does not mean swift Going head to the head with ripple alone. As Stablecouins and tokenized money gain a broader party, Swift develops its own book of blockchain to maintain its central position on the international payment market. The global giant of financial messages can work on strengthening its leading position and preparing for the race for billion dollars, which can shape andNternational money market.
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