@BOMBERuss 31 May 2022 more from that month

#RippleNet General Manager Ashish Birla has just made a number of interesting comments regarding the future of Ripple and his thoughts on the current lawsuit with the #SEC. First, he confirmed that #Ripple already earns about $15 billion in its payments business alone, which indicates how well the firm is doing. This already proves that Ripple is already working in a way that is resilient to any regulatory outcomes in the United States. One of the most interesting comments was when he was asked if he thought Ripple would ever replace #SWIFT. In response, Birda said that Ripple intends to do more than SWIFT currently does, which only performs the messaging function in a financial transaction. In fact, the CEO expects a gradual abandonment of the existing SWIFT #network, since more innovative companies are usually the first to switch to using #blockchain technologies. When they make this transition, RippleNet will be one of the most obvious solutions to their problems, since there really is no other better alternative in the crypto world. As a result, RippleNet's potential is more than just a replacement, it really succeeds in what the traditional financial system has been struggling with. This then creates a major incentive for all financial institutions to gradually move away from SWIFT, or at least use both systems at the same time. The Advisory Board of the Arab Monetary Fund has proposed RippleNet as a direct alternative to SWIFT. The Clearing House, a well-known Ripple partner, teamed up with Wells Fargo (an American multinational financial services company) in March to create a new instant payment system to challenge SWIFT's supremacy. Ripple has also joined the Digital European Association (DEA), an internationally recognized organization, to work on #CBDC. From this new point of view, it seems that the financial world will no longer be dominated by one network, and several major players will appear in the near future.