- RippleNet is a platform operated by fintech organization Ripple, enabling folks to exchange as well as trade crypto assets or cross-border payments.
- It surfaced as a direct contender to Society for Worldwide Interbank Financial Telecommunications or SWIFT banking network.
- A CBDC report by Arab Regional Fintech Group was issued yesterday, serving as a “Practical Guide” for Arab central banks for better understanding of booming crypto market.
SWIFT vs. Ripple
RippleNet is associated with Ripple, a fintech organization allowing cross-border payments as well as a gateway for exchanging crypto assets. It came out as a direct contender to SWIFT or Society for Worldwide Interbank Financial Telecommunication.
A report was generated by Arab Regional Fintech Group for Arab central banks to serve as a “Practical Guide,” offering an improved understanding regarding nuances of flourishing cryptocurrency market. A noteworthy point in this report was that, RippleNet was addressed as a natural alternative to SWIFT, and not just a single, but a couple of times.
WrathofKahneman, a pseudonymous Twitter user, shared his keen eye on social media platforms with more than 30,000 followers. Development came after working group recommended Arab central banks to better their “messaging procedure” utilizing systems like SWIFT GPI and, remarkably, RippleNet.
This undoubtedly was a positive development for fintech organization, Ripple, who has a lot on its plate right now because of an ongoing lawsuit against SEC. Although, development came at an interesting time.
This emerged a couple of days after Clearing House, a well-liked Ripple partner, joined forces with Wells Fargo (a US-based multinational monetary organization) to call out SWIFT dominance with a latest lightning-fast transaction system.
Additionally, Ripple also joined forces with Digital Euro Association (DEA), a globally renowned authority, to work on CBDCs. Objective is to offer hands to folks and political discourse via research, education and by offering a platform as well as community for lawmakers, developers, and economists to engage with virtual money-associated topics.
Following this development, liquidity index witnessed a surge, as seen on Liquidity Index Bot. Bitstamp XRP/EUR Liquidity Index, for example, spiked by 29%.
ODL transactions through RippleNet incepted from market involving Singapore, Philippines, Japan, and Australia, with other markets to follow. Complete transaction count on RippleNet had escalated subsequently during previous year. In fact, it further strategizes to reciprocate the same this year.
Ripple Vs. SEC
Ripple has remained engaged in a lawsuit against Securities and Exchange Commission (SEC), where SEC alleged that XRP was trading as a security without being registered in the organization.
Community members, as well as others, are just waiting for a final decision, and have faith that Ripple is going to win this battle, and if this happens, it is assumed that XRP will reach a new high.
As of this writing, XRP was trading at a market value of $0.8176, up by 3.46% in the previous 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/03/19/ripplenet-a-proxy-to-swift/