Following Bitcoin Cash [BCH] much debated Hard Fork, the cryptocurrency market was the victim of sellers with a quick dip towards the annual minimum. However, in the longer term, the downward term that is occurring now is not an impact factor for those companies that are trying to change the future with their technology delivered.
For over a week, many rumors and rumors have spread that the second at the top for banks in the United States – Bank of America is approaching the adoption of blockchain and Ripple acts as a bridge to achieve the goal.
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On November 13th, the managing director of Ripple Labs Inc., Brad Garlinghouse say Bloomberg TV that its blockchain-based company is able to win customers at high rates compared to the market because financial companies are looking for a technology faster and more modern than the one currently offered by the established company of fintech SWIFT.
"The technologies that banks use today that Swift has developed decades ago have not evolved or kept pace with the market … Swift said that not so long ago they did not see blockchain as a solution for the corresponding banking system. 100 of their customers claiming that they are not in agreement. "
Ripple [Ripple Labs] the company behind the second largest currency by market capitalization XRP, was one of the most disruptive encryption companies to enter the space of financial technology and the realm of the banking system.
As Mr. Garlinghouse noted, SWIFT's technology has not changed since its debut, which makes mistakes, slow and expensive. This is the main / most important reason and the true catalyst of the Bank of America is trying to exploit the potential of blockchain.
The attempt is to create a mobile app that can make a customer able to implement and execute interbank transactions without the requested request authentication.
As a result, Ripple's team has already deployed technology to support more than 100 financial institutions for their financial services, making it more than ready if an agreement is signed with the aforementioned bank.
Ripple (XRP) CEO: the goal is to overcome the SWIFT banking network