Ripple CEO dismisses SWIFT’s new blockchain as mere marketing stunt

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The remittance rivalry between Ripple and SWIFT has intensified lately, with SWIFT taking a bold step to build its own blockchain infrastructure. As a result, there has been speculation that Ripple is already defeated in the race as blockchain was the only edge for Ripple.

However, Ripple CEO Brad Garlinghouse on 2 October said the new blockchain infrastructure that SWIFT claims to be building is just a ‘marketing play’ and is no match for Ripple.

Simple ‘marketing play’

SWIFT earlier this week announced it was planning on building a Layer 2 Ethereum-based shared blockchain network called Linea.

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The network will be used to power cross-border payments and Consensys is already building its prototype which will provide the first 24/7 service.

The news led many to believe that Ripple was done with remittance since SWIFT had turned to blockchain, thus leveling the playing field.

Unexpectedly, Garlinghouse says the news is just a ‘marketing play’ and not a threat to Ripple because the company is prepared to compete with SWIFT.

He said the announcement was just a marketing strategy employed by the company ahead of its annual conference, Sibos, rather than an actual meaningful product announcement. 

Garlinghouse added that Ripple has been building and developing robust digital infrastructure and expanding its services from payment product to custody, stablecoin, and development on XRPL among other strategies.

XRP not affected

News of the SWIFT blockchain was also expected to affect XRP, since it is the token that powers the Ripple infrastructure. However, the news has not affected the token at all.

XRP currently trades at $3.02 and remains strong as one of the leading crypto assets among the top ten.

This suggests that Ripple may indeed be ready to take on SWIFT despite the new blockchain infrastructure that is said to be on the way.