- Bitboy underscores XRP’s potential to revolutionize global payments, challenging traditional SWIFT inefficiencies.
- Beyond banking, XRP offers multifaceted use-cases from DeFi to NFTs, emphasizing its unique position in the crypto world.
Unraveling SWIFT’s Limitations
Ben Armstrong, the prominent crypto influencer popularly known as Bitboy, recently illuminated the often glossed-over challenges within the SWIFT payment system. Established in 1973, SWIFT’s facilitation of financial payments globally has always leaned on third parties for transaction settlements. Bitboy emphasized how this archaic structure introduces delays and unwarranted costs – a seemingly trivial inconvenience for everyday transactions but a multi-billion dollar predicament in the vast FX market, which sees trillions transacted daily.
People thought $XRP would skyrocket after the SEC failed to classify it as a security in the Ripple lawsuit.https://t.co/M6rdq7joVU
In this video, I explain what everyone is missing about the Ripple Case & why the #XRPArmy should still be excited.
— Ben Armstrong (@Bitboy_Crypto) August 23, 2023
Ripple: A Beacon in the Payment Fog
Delving into the world of digital assets, Armstrong points out how Ripple’s RippleNet emerged as a formidable answer to SWIFT’s inefficiencies. Birthed in 2012, RippleNet was Ripple’s response to Bitcoin, designed to offer financial institutions a swifter alternative to the sluggish SWIFT system. It amalgamated a real-time settlement system, currency exchange, and remittance network. Yet, Ripple’s vision has since evolved, now encompassing On-Demand Liquidity (ODL) and even platforms for central bank digital currencies (CBDCs).
XRP’s Role and Ripple’s Expanding Ecosystem
In Ripple’s grand orchestration, XRP isn’t just a passive spectator. Serving as the native asset of the XRP Ledger (XRPL), XRP is integral to an ecosystem comprising developers, operators, users, and businesses, all collaboratively stewarding the ledger. Bitboy praised XRPL’s efficiency, highlighting transactions that settle in a mere five seconds and a system capable of handling 1,500 transactions every second.
Like him or not @Bitboy_Crypto is correct. I like it that he gave a special mention to three projects on the XRPL. @xspectar @xspectDS @XPUNKNFTs and @realSologenic
XRP Will Be Bigger Than You Think! (Here's Why) https://t.co/hy1CLJLRvx via @YouTube
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— bill morgan (@Belisarius2020) August 23, 2023
These merits haven’t gone unnoticed. Major financial entities, such as the Bank of America, Santander Bank, and the Canadian Imperial Bank of Commerce, have partnered with Ripple. Bitboy added that 55 countries now leverage XRP, boasting over 120 fiat currency pairs.
Further accentuating XRP’s potential integration into legacy financial markets, Bitboy drew attention to Ripple’s recent induction into the International Swaps and Derivatives Association (ISDA). As he succinctly put it,
“Ripple intends to integrate blockchain technology into every facet of the legacy financial markets.”
Beyond Banking: The Expansive World of XRP
Branching out from the banking narrative, Bitboy showcased XRP’s versatility. The digital asset is making waves in decentralized finance (DeFi), governance, tokenization, and even non-fungible tokens (NFTs). He applauded initiatives within the XRPL ecosystem, highlighting projects like xSPECTAR, XPUNKS, and Sologenic.
Emphasizing XRP’s unparalleled regulatory standing in the U.S, Armstrong stated,
“When they build around XRP, they’re creating something with a distinctive regulatory position in the American market, making it incredibly appealing to both investors and users.”
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