- Ripple and Stellar spearhead the integration drive with the SWIFT system for nearly instantaneous cross-border transactions.
- Stellar’s price surged impressively, thanks to Ripple’s recent successes, recording a massive increase from $0.096 to $0.161 within a day.
The Changing Landscape of Global Transactions
The traditional financial sector has long been dictated by conventional transaction methods. However, crypto giants Ripple and Stellar are forging a path of disruption. Their focus is clear: to integrate with the legendary SWIFT payment system and accelerate cross-border transactions.
Back in May, we were thrilled that Swift Securities View picked up Global Custodian’s award for Best New Asset Servicing Project, as part of their Leaders in Custody 2023 awards.
A few months later, Swift’s Simon A.X. Daniel spoke to @globalcustodian about the honour of winning… pic.twitter.com/LmbOli02Li
— Swift (@swiftcommunity) August 3, 2023
Ripple, through its advanced RippleNet and its efficient settlement system based on the XRP Ledger, has posed a direct challenge to SWIFT. In fact, since 2018, Ripple’s XRP Ledger has embarked on functions akin to SWIFT’s, ensuring more rapid and seamless transactions.
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Furthermore, Stellar Lumens and its compatriot IOTA aren’t far behind, marking significant milestones in their journey toward SWIFT integration. With endorsements from the ISO 20022 regulation, which seeks to enhance global transaction interoperability, these cryptocurrencies promise heightened security and transparency. In doing so, they effectively counter potential fraud, thus preserving transactional integrity.
Ripple and Stellar: Pioneers in CBDC Integration
As we delve deeper into the realm of blockchain, it’s evident that Ripple and Stellar are not merely stopping at SWIFT integration. They are gearing up for the impending proliferation of central bank digital currencies (CBDCs). Their preparations solidify their positions as central figures in the ever-evolving digital currency landscape.
It’s imperative to understand the magnitude of integrating with SWIFT. This merger promises nearly instant cross-border transactions, thereby eliminating the notorious delays synonymous with intermediaries and tedious settlement protocols. Such advancements are pivotal for businesses, individuals, and financial institutions, promising slashed costs and elevated operational proficiency.
Stellar’s Astounding Market Journey
The crypto market is known for its volatile nature, but Stellar (XLM) recently turned heads with its unparalleled performance. Within a week, the cryptocurrency showcased a jaw-dropping 44% surge. Ripple’s successes seem to have paved the way for Stellar, triggering a phenomenal price surge from $0.096 to $0.161 in just 24 hours.
Despite minor setbacks following this meteoric rise, Stellar remains focused on its upward trajectory, showcasing no signs of deceleration. Various technical analyses predominantly project a bullish outlook for the crypto, making Stellar’s future in the market an exciting one.
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