Ripple was the best-performing cryptocurrency in 2017, having seen an extraordinary rise of over 30,000% in the price of its native digital asset, XRP. The year also saw Ripple make great progress in signing up banks and financial institutions to the platform.
According to the San Francisco-based company’s CEO, Brad Garlinghouse, it’s now signing up an average of one bank per week. Some of the more renowned members of RippleNet include MoneyGram, American Express, Western Union, Standard Chartered, Santander, Unicredit, MUFG and BBVA.
In its mission to save the world from financial exploitation by the big banks and payment gateways, Ripple has made an enemy and fierce rival in SWIFT. SWIFT is the network that has been in existence for the past four and a half decades and which has been facilitating the sharing of financial information between banks globally in a secure environment.
Headquartered in Belgium, SWIFT has enjoyed a relative monopoly in the international money transfer industry for quite a long time. Well, until Ripple burst onto the scene, that is.
Ripple offers great advantages over SWIFT, and this has been reflected in the great number of financial institutions that have started testing out Ripple’s payment solutions. With a suite of products that include xVia, xRapid and xCurrent, Ripple came prepared to dethrone SWIFT. Read more from themerkle.com…
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