Cryptocurrency expert Chain Cartel raised several key points following SWIFT’s latest commentary on the transition to blockchain technology. The expert said so Ripple’s XRPL network best suits the purpose of SWIFT, and suggested cooperation between the two companies.
Expert points to Ripple’s XRPL after SWIFT announcement
In Post XChain Cartel stated that SWIFT has admitted that it is building the XRPL Ripple network, but did not explicitly state this in its announcement. The expert referred to Post X from SWIFT highlighting them prior announcement add a blockchain-based ledger to your infrastructure.
The expert explained that the SWIFT language in post X suggests that they want to build something like Ripple’s XRPL. He declared that this is not Bitcoin, Ethereum or any general blockchain experiment, but exactly what Ripple has been building for a decade. Chain Cartel noticed this Ripple model has always been a neutral billing layer, real-time atomic finality, shared ledger visibility for institutions, interoperability with legacy rails, and a seamless design.
Chain Cartel then referenced SWIFT’s statement about its plans to build a blockchain-based registry that will be incorporated into its payments infrastructure and provide a single source of truth, enabling instant cross-border payments 24/7. He said yes Ripple’s plans with XRPLbecause the crypto company uses the network to provide payment services.
In this regard, the expert noted that SWIFT does not replace rails, but coordinates them, and that Ripple does not replace banksbut instead it connects them. He added that SWIFT recognizes that the future payment stack requires a ledger layer, not just messaging, and that the only model that has already been battle-tested at scale is Ripple’s XRPL.
However, it is worth mentioning that SWIFT has no plans to integrate Ripple’s Ledger. Instead, it is building this blockchain-based ledger in partnership with Consensys and Chainlink. Therefore, while SWIFT may plan to build a network similar to Ripple’s XRPL, it intends to do so without the aid of a crypto company.
Ripple wants to expand its payment service
Ripple, like recently, wants to expand its payment service announced plans to start testing it RLUSD coin on layer 2 networks Ethereum Base, Ink, Optimism and Unichain. The move comes just days after the OCC gave Ripple conditional approval to become a bank, which also represents a large boost for the company’s payment services.
Ripple plans to expand its RLUSD stablecoin beyond Ethereum and XRPL networks to these Layer 2 networks by working with Wormhole. The company has noticed that the future of cryptocurrencies is multi-chain, which is why it is adopting this strategy. This move gives Ripple customers greater opportunities to utilize the RLUSD stablecoin and may also attract modern users to the stablecoin, which is currently one of the fastest-growing stablecoins.
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