David Edwards
Recently, unverified rumors of a possible partnership between SWIFT and Ripple have sparked new conjecture among cryptocurrency enthusiasts. Before being disproved because of a security breach, the rumors, which assert that SWIFT may soon include XRP into its worldwide cross-border payment system, gathered steam on social media.
A post on Watcher.Guru’s official X (formerly Twitter) account made the first accusations, claiming that billions of XRP were kept in escrow to supply liquidity for the putative collaboration. The platform promptly retracted its statement, acknowledging that their account had been compromised. “Our X account has been hacked and the previous post (now deleted) was posted by a hacker,” Watcher.Guru stated in a public clarification.
Even with the denial, there is still discussion about a potential strategic partnership between Ripple and SWIFT, especially among proponents of XRP. Many think that XRP’s quick and inexpensive settlement capabilities combined with Ripple’s blockchain technology make it an attractive substitute for conventional systems. However, neither Ripple nor SWIFT have formally acknowledged this, thus it is still quite hypothetical.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, connects more than 11,000 financial institutions worldwide and continues to serve as the foundation of international financial messaging. Although it is widely known that XRP can expedite transactions and save costs, considerable institutional and regulatory barriers would need to be overcome before it could be replaced or even deeply integrated into SWIFT’s infrastructure.
Brad Garlinghouse, the CEO of Ripple, has made remarks in the past that some have taken to be clues about a potential future partnership with SWIFT. Despite being ambiguous, these comments have been raising questions about how XRP might change the global payment system.
The idea of employing escrowed XRP as a liquidity reserve may help allay worries about the volatility of the cryptocurrency market. However, there are still obstacles to this kind of integration, such as the wider regulatory framework and SWIFT’s generally cautious approach to cryptocurrencies. Although the idea is still theoretical, if such a cooperation were to come to fruition, it might greatly increase XRP’s usage and impact its worth.
