Labs, the company behind the third-largest cryptocurrency in terms of market capitalization, is confident that its blockchain solutions will help it overtake the traditional SWIFT network, CEO Brad Garlinghouse reportedly said. SWIFT has dominated the global financial and security transfer market for years, but Ripple is ready to challenge it by leveraging distributed ledger technology (DLT).
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunications, was founded in 1973 and is currently used by enterprises and individuals to transfer funds across the borders. Today, the entity has over 11,000 customers working in the corporate sector and capital markets in almost all the countries in the world.
However, unlike SWIFT, Ripple’s blockchain-based system doesn’t involve intermediaries and acts as a decentralized g…
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