[New XRP Crypto Rumor Denied] SWIFT is Not Partnering With Ripple's RippleNet Anytime Soon

Earlier this week, the Ripple community was once again brought to its feet after word started to spread that XRP had once again overtaken Ethereum in terms of their overall market capitalization (albeit for a brief moment).

This upward monetary momentum for XRP was driven primarily by a popular rumor that claimed that the upcoming SWIFT network upgrade would allow a host of Ripple products to become available on a total of around 4,000 banks across the globe.

However, as soon as SWIFT’s executive brass came to know about the situation, a spokesperson for the firm released a statement saying that such rumors were “completely untrue” and “should not be believed”.

An Overview of the Matter

As many of our readers may already know, Ethereum has been the number two crypto asset in the world (in terms of its overall market value) for quite some time now. However, over the course of the past few months it has not been surprising to see other alt-coins looking to take over Ether’s coveted second spot— primarily because the digital asset has been dipping in value consistently since January this year.

Not only that, in terms of the use cases associated with ETH and XRP, Ripple seems to be making enormous strides (something that is made evident by the number of big-name partnerships that the company has been able to secure recently.)

What About the Upgrade?

In terms of SWIFTs latest functional upgrade, it is being said that the firm is all set to add a new GPI system to its native UI. GPI basically stands for ‘global payments innovation’, it is a protocol that aims to facilitate faster cross-border payments by doing away with today’s existing financial settlement framework (which has been around since the 1970’s).

In this regard, SWIFT topman, Harry Newman, had the old the following words of wisdom:

“It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model.“

The latest update is all set to go live by the 18th of this month.

The Final Take

Owing to the barrage of rumors surrounding SWIFT at the moment, the firm just released a fresh clarification today which reads:

“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”

With all this information out there, people should now be more careful before believing such falsities in the future.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today