Following Bitcoin Cash’s [BCH] much debated Hard Fork, the cryptocurrency market has been victim to sellers with a speedy plunge towards yearly lowest. However, in the longer term, the downward term that is taking place now is not an impacting factor for those companies that are attempting to change the future with their delivered technology.
For over a week now, many rumors and words have been spreading that the second in lead for banks in the U.S. – Bank of America is closing-in to blockchain adoption and Ripple is acting as a bridge to reach the target.
On November 13, Ripple Labs Inc. CEO Brad Garlinghouse told Bloomberg TV that his blockchain based company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently offered through entrenched fintech company SWIFT.
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market…Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
Ripple [Ripple Labs] the company behind the second largest coin by market capitalization XRP, has been one of the more disruptive crypto firms to enter the space of financial technology and the realm of banking.
As Mr. Garlinghouse noted out, SWIFT’s tech has not changed since its debut which makes it tend to have errors, slow and expensive. That is the main/most important reason and real catalyst by the Bank of America is looking to enjoy blockchain’s potential.
The attempt is to create a mobile app that would make a customer able to implement and run interbank transactions without the required authentication that is re-asked for.
Accordingly, Ripple’s team has already handed out the tech to support over 100 of financial institutions for their financial services making it more than ready if a deal is signed with the aforementioned bank.