Friday, March 24, 2023
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Brad Garlinghouse Says xCurrent Service Is An Upgrade of SWIFT

by firstcryptonews
May 22, 2019
in Coins
Brad Garlinghouse Says xCurrent Service Is An Upgrade of SWIFT

Brad Galringhouse, the CEO of Ripple, explained that he xCurrent service is an upgrade to SWIFT. He said that at a meeting with representatives of banks and financial institutions. SWIFT is the most popular system for cross-border transfers around the world and it is currently being used by most of the companies around the world that process international transfers.

Ripple’s xCurrent is An Upgraded SWIFT
Ripple is working in order to reduce the costs of cross-border payments that are processed by financial institutions around the world. SIWFT transactions take several days to be processed and it is more expensive than doing so through xCurrent or with the xRapid service, that uses the XRP digital asset.

At the moment, SWIFT is the dominant cross-border messaging system that is being used by banks and many other financial institutions around the globe. Nonetheless, Mr. Garlinghouse explained that the industry still needs to catch up and that xCurrent is an upgraded SWIFT system.

He explained that xCurrent is SWIFT 2.0 that is much more efficient and more real-time in a fiat to fiat basis. The event in which they were discussing these issues was related to central bank digital currencies (CBDCs) and how central banks were going to be dealing with them in the future.

According to the Twitter user XRP Research Center, some of the key attendees included Agustin Carstens, BIS Chairman, Christine Lagarde, IMF Chairwoman, Tobias Adrian, IMF Director, Ahmed Abdulkarim, SAMA Governor and many others.

Garlinghouse has also been present as the only participant from the private sector, since the rest of the participants were high executives of different central banks and monetary authorities from different countries.

At the moment, Ripple’s services are targetting private companies rather than central banks. They are dealing with commercial banks and other financial institutions. He has also compared XRP to Bitcoin (BTC), the largest digital currency in the space. Garlinghouse said that XRP was created in order to correct the main deficiencies that can be found on Bitcoin. The most popular virtual currency is currently very slow and it is having issues with its scalability.

At the time of writing this article, XRP is the third largest digital asset. According to CoinMarketCap, the virtual currency has a market valuation of $17.36 billion and a price per coin of $0.41.

Related Posts

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

by firstcryptonews
August 26, 2022
0

The U.S. Securities and Exchange Commission (SEC) has filed a request to submit one lengthy reply for excluding the Defendants’...

What traders need to know about the evolving Ethereum-Bitcoin relationship

What traders need to know about the evolving Ethereum-Bitcoin relationship

by firstcryptonews
April 26, 2021
0

Ethereum’s price action over the last 72 hours or so has been very topsy-turvy. While the aforementioned period saw ETH...

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

by firstcryptonews
April 20, 2021
0

While there’s been a lot of noise around the pump and dump by Coinbase insiders and executives, it turns out...

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

by firstcryptonews
January 2, 2021
0

Bittrex announced on Dec. 29 that its exchange will be removing the U.S. markets for the three of the biggest...

Brad Garlinghouse Open to Move Ripple to Another Country

Brad Garlinghouse Open to Move Ripple to Another Country

by firstcryptonews
October 14, 2020
0

Brad Garlinghouse, Co-founder and CEO of one of the biggest crypto-blockchain companies in the world, Ripple, has expressed his concerns...

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

by firstcryptonews
July 8, 2020
0

This week has started quite well for Cardano. The blockchain’s native cryptocurrency, ADA, is now the seventh-biggest crypto by market...

Next Post
FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

THE NAME THAT YOU SHOULD GET USED TO: METAU

THE NAME THAT YOU SHOULD GET USED TO: METAU

9 months ago
puregold pgpay

PGPay enters IEO phase with token sale live on Tokpie and another scheduled on Sistemkoin

3 years ago
Idol Idol: NFT-based Anime Style Dating Game

Idol Idol: NFT-based Anime Style Dating Game

12 months ago
With Libra Hearings Depicting Bitcoin As The Hero, What Can We Expect Next?

With Libra Hearings Depicting Bitcoin As The Hero, What Can We Expect Next?

4 years ago
HunnySwap Just Released Its DEX On Avalanche

HunnySwap Just Released Its DEX On Avalanche

10 months ago
yourstar

YOURSTAR – The Future of Content Monetization

2 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

January 16, 2023

Press Release

Exclusive “The Starry Night Licensed NFTs” To Release  In 3D and Augmented Reality on ElmonX

Exclusive “The Starry Night Licensed NFTs” To Release In 3D and Augmented Reality on ElmonX

March 24, 2023

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News