#Ripple (#XRP) CEO: Goal is to Overtake SWIFT Banking Network
Cryptocurrency, Ripple [XRP]–In a move that could prove prescient for the merging landscape of blockchain and banking, the CEO of Ripple has thrown down the gauntlet against primary competitor SWIFT. On November 13, Ripple Labs Inc. CEO Brad Garlinghouse told Bloomberg TV that his blockchain based company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently offered through entrenched fintech company SWIFT. Ripple, the startup company behind the number three cryptocurrency by market capitalization XRP, has been one of the more disruptive crypto firms to enter the space of financial technology and the realm of banking. By focusing on payment services and cross-border money transfer, Ripple has managed to position itself as an action-oriented blockchain firm that has real potential to impact what has become a stagnant banking landscape. At present, the primary opposition to Ripple in terms of gaining greater access to cross-border payment firms has been the Society for Worldwide Interbank Financial Telecommunication or SWIFT. Traditionally, SWIFT has controlled the lion’s share of cross-border payments and remittances by offering a secure and trustworthy platform for banks and customers to send money internationally. However, the limitations for the fintech dinosaur are mounting in the face of the innovation of cryptocurrency, with Ripple able to substantially cut down transfer times and fees to help the bottom line of new acquisitions. Already Ripple has been able to partner with two of the largest money transfer firms in the world, Moneygram and Western Union, for pilot programs to test the crypto-based technology in sending money abroad.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
Ripple’s (XRP) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com and it can be bought with cryptocurrency on exchanges such as CoinEx, Binance, and HitBTC.
XRP is the 3rd largest cryptocurrency by market cap size. Its market cap is currently $20,480,802,455 and it has a circulating supply of 40,205,513,967 XRP. It's down 1.17% over the past 24 hours and is currently trading at $0.509403.