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R3’s David Rutter finally clamps down on the rumor of Swift-partnered banks using XRP




R3's David Rutter finally clamps down the rumor of Swift partnered banks using XRP
Source: Unsplash

Swift’s integration with R3 was a huge step forward for the cryptocurrency space. XRP fans, in particular, were thrilled as the rumor going about was that Swift would eventually use XRP for payments.

Ripple is currently leading the global blockchain/cryptocurrency-based payment solutions industry with their proprietary products. Swift currently holds dominion over most of the global traffic as it controls over 80% of the cross-border payments around the world.

The rumor finally hit a wall after the CEO of R3, David Rutter told Decrypt media,

“You’d have to ask SWIFT about that but that is not at all my understanding and I think that is a misinterpretation of what in fact happened.”

Rutter further spoke about Swift and R3 at the Global Fintech and Blockchain Conference 2019 at Imperial College London. He said that Corda Settler is currency agnostic, meaning it doesn’t matter which currency is being used to make the payment happen.

“Whether it’s JP Morgan coin, or Wells Fargo coin, or BAML coin, or HSBC coin, it doesn’t matter to us. We have no horse in that race,” he said.

Adding to the above, Rutter said,

“We don’t have any financial incentives one way or another. We’re just trying to get as many people onto our platform as possible.”

These statements cleared the rumor about 50 banks using XRP as those banks trialed Corda Settler alone. Although Swift hasn’t disclosed whether they will use XRP now or in the future, there is always an option to use XRP via Corda Settler.

@Michaelnardolillo, an XRP enthusiast tweeted,

“The swift pilot with r3 isn’t about swift Using XRP and never was. It’s about corporates using corda to acess thier swift banks through gpi link. This exposes them to being able to use xrp instead.”

@zerphound, a Twitter user commented,

“I guess this means most of the #XRPcommunity will be ok since most of us never thought SWIFT would be using #XRP anytime soon.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.