Ripple and SWIFT’s battle for dominance is heating up, with an executive at the latter taking a dig at XRP, the bridge currency for the crypto firm’s payment service. The executive also explained why businesses are unlikely to trust Ripple despite the conclusion of the SEC lawsuit. 

SWIFT Executive Makes Criticism Against Ripple and XRP

SWIFT Chief Innovation Officer (CIO) Tom Zschach said on LinkedIn that surviving lawsuits isn’t resilience, in response to a post that praised Ripple and XRP for battling through the SEC lawsuit. The executive claimed that neutral and shared governance is what resilience is about and that institutions won’t want to live on a competitor’s rail. 

With his comment, Zschach again raised the issue of centralization in the XRP ecosystem. The XRP Ledger and its native token have been largely criticized as being majorly dominated by Ripple, although the crypto firm has denied this. With his statement, the SWIFT CIO also suggested that most institutions won’t want to use the XRP Ledger or XRP since Ripple is a direct competitor to them. 

Notably, Ripple has applied for a national banking license, which, if approved, would put it in the same league as banks that the crypto firm aims to onboard onto its payment rail. This is unlike SWIFT, whose operation is simply to serve these banks and doesn’t operate as a competition to them. However, Ripple’s payment solutions utilize blockchain tech

Go to Source to See Full Article
Author: Scott Matherson