Ripple seeks to displace 50-year-old SWIFT technology with its own blockchain solution

Amid a surge of interest in cryptocurrencies, Ripple CEO Brad Garlinghouse said in an interview with Fox Business that a financial revolution has begun, during which XPR could displace the outdated SWIFT system. 

Rumors of a partnership between SWIFT and Ripple were recently debunked. Garlinghouse makes no secret of his ambitions, as his company intends to replace an outdated system based on 50-year-old technology with a faster, cheaper, and more transparent blockchain solution. According to him, trillions of dollars flow across borders every day, and it is XPR that can secure a reliable digital corridor for these funds.

Garlinghaus notes that the organization sees the best opportunities in Asia with its rapid adoption of digital infrastructure.

Additionally, following Donald Trump's victory in the election, Ripple entered into more deals in the US in six weeks than it had in the previous six months. Garlinghouse directly attributes this to changes in crypto regulation in the country.

Despite the current excitement, Ripple's CEO says the digital revolution will be a gradual process, estimating 10–20 years.