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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 journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Ripple: Cryptocurrencies can reduce friction in global commerce, claims CEO Brad Garlinghouse

Arijit Sarkar



Cryptocurrency can reduce the friction of global commerce, says ’s Brad Garlinghouse
Credit: Pixabay

Given the constant disregard for cryptocurrency and blockchain by financial institutions, prominent crypto-leaders have personally been preaching the technology for furthering global adoption. One such figure is Ripple’s CEO, Brad Garlinghouse.

Ripple’s Garlinghouse has always made an effort to minimize the common man’s speculation around tokens. Recently, he made headlines for sharing similar views on Recode Decode, where he said,

“You went from illicit activity to speculation, and today you’re going from speculation to utility.”

While exhibiting his support for cryptocurrency adoption, Garlinghouse made it clear to viewers that he did not expect banks and governments to “be obliterated by the new technology”. He also shared his vision for the future, stating that the system can be changed only by working with the system.

The Vox interview also touched upon Garlinghouse’s claim that crypto-adoption would result in the direct reduction of friction in global markets. He said,

“These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”

He further argued that different currencies, including fiat and crypto, could find specialized use-cases for different things. Along the same lines, he also supported Bitcoin [BTC] investments alongside developments in the XRP ecosystem, as he believed that both work best owing to their unique use-cases. The interview finally ended with Garlinghouse mentioning this on a cautious note:

“Focus on the substance, not the hype. It’s going to impact lots of parts of lots of industries in the same way the internet impacted lots of industries.”

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