BREAKING NEWS | SWIFT Develops Own Blockchain | Ripple Dismissed
In a shock announcement, SWIFT confirmed plans to develop its own blockchain, signaling the end of any potential involvement with Ripple’s XRP in global transactions. This move raises questions about the future of XRP as it grapples with credibility issues.
What Sparks This Decision?
The decision comes amidst ongoing criticisms of Ripple’s ability to compete in mainstream finance. As one user pointed out on a forum, "Did people seriously expect SWIFT to fold without a fight?" This sentiment suggests that many anticipated pushback from SWIFT against any perceived disruption from Ripple or other cryptocurrency solutions.
Industry Backlash Against Ripple
Critics have not held back their disdain for Ripple. Comments have included phrases like "Cripple" and the statement, "Sadly, people still fall for the XRP will replace SWIFT narrative." This backlash underscores a broader skepticism about XRP’s role in the financial system. Furthermore, there are assertions that SWIFT's attempts at developing its technology remain unmatched, reinforcing discussions about its reliability compared to Ripple.
Community Sentiment
Interesting threads have emerged at the community level:
Trust in Established Systems 🏦: Many people doubt that a corporate blockchain could truly handle trillions in daily transactions. One commenter noted the impracticality of relying on a privately-owned system.
Ripple’s Competitive Threat 💣: Ripple’s CEO has claimed they aim to capture 14% of SWIFT’s business by 2030. As one critic pointed out, this indicates competitiveness rather than partnership, creating further tensions.
Comparative Weakness of XRP 💔: General dissatisfaction with Ripple led several commenters to express an urgency for broader education on ISO standards and the realities of blockchain technology.
"In the past, those who cautioned against Bitcoin were often wrong, and it feels like history might repeat with XRP," posited one forum member.
Takeaways
🚀 SWIFT's Dominance Affirmed: Observers note the unwavering credibility and power of SWIFT in the banking sector, leaving Ripple struggling in comparison.
🔄 Evolution in Cross-Border Payments: Experts predict around 70% of financial institutions will adopt SWIFT’s blockchain within the next few years, signaling a significant shift in how global payments will operate.
🛡️ Public Skepticism Rampant: Many commenters have echoed doubts about XRP, labeling it as a "corporate exit liquidity shitcoin."
The ongoing developments could redefine the future of cross-border transactions as SWIFT’s new approach may outpace Ripple’s attempts in a fast-evolving market. With the pressure on, will Ripple adapt quickly enough, or are they destined for a decline?