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SWIFT, the global payment network consisting of 11,000 members, has announced a partnership with the R3 blockchain business consortium, and the news is already being felt in the cryptocurrency market, where rusty gears Rumors (XRP) began to spin quickly. pace.
SWIFT goes to the blockchain with the R3 trial version
According to this announcement, SWIFT and R3 have developed a proof of concept combining SWIFT's GIP payment network with R3's Corda platform to monitor payment flows, to settle payments in euros via their bank and receive credit confirmations. The groups will publish the results of the test in September.
The XRP bulls reacted with furious enthusiasm to the news, speculating that R3's alliance with the crypto-based San Francisco Ripple start-up – legal disputes worth billions of dollars having been swept under the rug – provides XRP its best bet to be adopted by SWIFT, the white whale of the financial industry.
Here is an iconic tweet:
January 30, 2019
SWIFT CEO Gottfried Leibbrandt said:
?????
"Later in the day, we announce the integration to R3."
?????#xrp #xrpcommunity #xtrpthestandard #xrparmy # 0doubt https://t.co/gq4uBqJdP4
– ༝ ??????????⚡ (@stuart_xrp) January 30, 2019
And here is the ripple price chart:
The ripple markets drew a wave of buy orders after the SWIFT – R3 partnership announcement.
Re-Kindle the Ripple Rumor Mill
Obviously, this announcement did not make it clear that Ripple would play any role in this partnership, let alone introduce its XRP cryptocurrency into the SWIFT financial institution network. However, Ripple bulls have a long history of fulfilling their hopes and dreams.
The clbadic example is the tweets writing campaign that has been going on for years and that aims to persuade the American giant of cryptocurrency trading, Coinbase, to list the ripples.
It's remarkable how many times the upside price rallied on speculation that Coinbase would be XRP, only for those rumors to be canceled – and that the stock market instead adds support for other badets.
In another striking example from the end of summer 2017, the anticipated selling price exploded on rumors that a future conference would see Ripple announce a major partnership with a South Korean bank. What was the rumor based on? In the video presentation, a logo turned to the side looked a bit like the Korean peninsula.
Korea? #XRP XRP $ #Kakao pic.twitter.com/kE7mMkfmqu
– Blockstradamus (@blockstradamus) August 22, 2017
Admittedly, we had all taken a little advance on us during the upward rush of the crypto market in 2017, but this seemed excessive, even at the time.
Why this rumor about the ripple might be different
Aside from some embarrbading anecdotes, it's true that this rumor has a little more weight than others that have been broadcast by the #XRPArmy, and not just because the XRP has already been integrated into a single R3 product.
SWIFT CEO lauds XRP
Gottfried Leibbrandt, CEO of SWIFT, said during the panel session that praise is not lacking, at least to a greater extent than expected.
"I think Ripple's value proposition is largely based on XRP cryptocurrency," said Leibbrandt. "We find that banks are reluctant to convert things into cryptocurrency right now because of currency volatility."
Leibbrand, however, leaves SWIFT in June, after seven years as CEO. The rumors should therefore avoid too much expectation of his single statement claiming the importance of XRP technology for Ripple blockchain offers.
The proof of concept will feature a Colon Corda
More importantly, R3 recently made XRP the first available cryptocurrency via its Corda Settler product, as reported by CCN. And although SWIFT's statement does not explicitly mention Corda Settler, the name of R3's CEO, David Rutter, dropped it in the press release.
Following the recent launch of our Corda Settler, allowing the payment of obligations contracted on the Corda platform, it made sense to connect to SWIFT GPI. SWIFT GPI has quickly become the new standard in payment settlement around the world. All blockchain applications running on Corda will benefit from the fast, secure and transparent settlement provided by SWIFT gpi banks.
More telling, R3 tweeted that the partnership "will integrate gpi with Corda Settler".
We are excited to announce our partnership with @swiftcommunity integrate gpi with Corda Settler. @Cordablockchain https://t.co/FyEJScr0j8
– R3 (@ inside_r3) January 30, 2019
Again, no direct mention of Ripple or XRP, but it is not a big step forward to think that proof of concept – or a future test – could see SWIFT cramming into cryptocurrency settlement .
Brad Garlinghouse present at the announcement
Could this, along with Ripple CEO Brad Garlinghouse, participate in the debate where SWIFT and R3 announced the announcement, give the illusion that there is more going on beneath the surface than there was originally? Maybe, but again, maybe Coinbase will list XRP tomorrow.
In the meantime, investors need to build on the fact that Ripple can leverage its relationship with R3 to convince banks to engage in cryptocurrency via the Corda Settler platform. The #XRPArmy, for its part, will continue to respond to Coinbase's tweets with this familiar chorus:
"When XRP?"
Featured image of Shutterstock. TradingView Price Charts.
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