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Archbob

SWIFT is not using XRP on Corda Settler, says R3 founder

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Posted (edited)

https://decryptmedia.com/5431/swift-xrp-corda-settler-r3-founder

I think this is confirmation, sort of, that the SWIFT project isn't using XRP, unless he is mistaken?

I'm confused about what he says about the 50 banks though, that seems to be referring to instimatch global?

You can tweet him to confirm but I'm not sure if he will answer.

 

 

Edited by karlos
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Not according to R3 founder and managing partner David Rutter. When asked if SWIFT will be using XRP due to its Corda Settler integration, Rutter told Decrypt, “You’d have to ask SWIFT about that but that is not at all my understanding and I think that is a misinterpretation of what in fact happened.”

https://decryptmedia.com/5431/swift-xrp-corda-settler-r3-founder

 

A great non-answer. He must be a good manager.

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This market moves fast, too fast for me. In fact, I stopped following all the news a few weeks ago... but yeah, appears that way I suppose... reminds me of when everyone was thinking Coinbase would add XRP... while it was so obvious they never had plans to do so.

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wait... Rutter is quoted in saying:

"We have no horse in that race,” he said, adding, “We don’t have any financial incentives one way or another."

This means R3 got ZERO  XRP out of their settlement deal???? And gave Corda's XRP integration as a present?

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Posted (edited)

Well, R3 ASIA is owned 60% by SBI isn't it, so SBI probably had a lot to do with the settlement.

What's truly interesting is that he repeated that R3 can use anything to settle, which makes me think he will integrate things like JPM coin, Mizuho coin, and MUFJ coin into Corda sooner than later.

Edited by Archbob

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6 minutes ago, EcneitapLatnem said:

This market moves fast, too fast for me. In fact, I stopped following all the news a few weeks ago... but yeah, appears that way I suppose... reminds me of when everyone was thinking Coinbase would add XRP... while it was so obvious they never had plans to do so.

But they eventually did add XRP, although about a year later.

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6 hours ago, Archbob said:

Well, R3 ASIA is owned 60% by SBI isn't it, so SBI probably had a lot to do with the settlement.

What's truly interesting is that he repeated that R3 can use anything to settle, which makes me think he will integrate things like JPM coin, Mizuho coin, and MUFJ coin into Corda sooner than later.

Which is true. But not if the companies want to get paid in a currency agnostic token. All the tokens previously mentioned would be great for a localized consortium that is comfortable receiving a similar token. But MUFG isn't going to want JPM coin and vice versa. That's the beauty of XRP. 

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Posted (edited)

The banks can probably choose what bridge currency they want to use. R3 is just like a vending machine that dispenses the use of all types of settlement options. But it definitely sounds like Swift GPI is going to have no part of XRP and there is no telling to what extent they will go to ensure XRP is not a default selection in their settlement process and probably never will be. Sounds to me like Swift hasn't learnt a thing about why XRP is ideal for settlement and they continue down the same road they have in the past. Swift is gradually going to fade away, backing themselves into a corner that will eventually cripple their entire obsolete methodology.

I can see Swift  hanging themselves by their inability to adapt to make good informed decisions as a result of their hate towards the competition.

Edited by Scout

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The way that I interpret this is that the R3 Corda in SWIFT won't be specifically or exclusively using xrp, not that it can't. "...Corda Settler is agnostic to which payment method is used."   This sounds like a "let the best settlement coin option prevail'" which in my view would be xrp. The last part about the 50 banks is very unclear as there were no quotes from Rutter about this, so I've gotta wonder if this whole thread isn't just an attempt at spreading FUD.  The title is patently wrong as Rutter never actually said that xrp wouldn't be used, but that their system would be agnostic to whichever coin it chooses.

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Posted (edited)

I don't think SWIFT uses any "coin". SWIFT seems to be settling only along fiat rails. I think his quote about JPM, etc was at a different time.

When directly asked if SWIFT would use XRP via Corda, he basically said "that is not my understanding".

XRP is the only coin integrated right now so this just confirms for me that SWIFT isn't using any cryptocurrency to settle within Corda, which is consistent with what they've been saying all along.

Edited by Archbob

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I’ve been saying since day 1 of this swift r3 crap, they shouldn’t have made any agreement with swift and just let them sink. They were already being viewed negatively for not willing to evolve and then r3 gives them to attention as being apart of new technology. Doesn’t make sense to me what SBI was thinking. They kept ripples biggest competitor still kicking. Swift will NEVER want to use XRP for settlement. Should’ve let them fail

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19 minutes ago, Rickyh89 said:

Swift will NEVER want to use XRP for settlement.

What SWIFT wants is irrelevant. Consumers and business want / need instant global payments, low fees, and simple API, and will move their payments to a platform that provides that. Whether banks will participate in this platform, built with modern technology, or stick to the old boys horse, buggy and middlemen (and go out of business), is their choice, not SWIFT’s.

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