Ripple CEO "XRP, Will Replace SWIFT In International Remittance Market"

Brad Garlinghouse Ripple CEO (Source: Reuters)

Brad Garlinghouse, CEO of Ripple, claimed that XRP's technological superiority could replace the international financial network SWIFT. In an interview with Fox Business on the 29th (local time), he stated that the transition of the international remittance system is inevitable and that Ripple could be at its center.

Garlinghouse pointed out that the SWIFT system is about 50 years old infrastructure and said that an upgrade suitable for today's technological environment is urgently needed. He emphasized that "It usually takes 2-3 days to transfer money overseas through SWIFT and the fees are considerable," and highlighted that XRP is an alternative that can resolve these limitations. He added that XRP surpasses the existing system in terms of transaction speed and cost efficiency.

He also mentioned that "The international remittance market has already started to change," explaining that new demand is flocking to alternative technologies like XRP. He also stated that "The international remittance market is a field where opportunities worth trillions of dollars are opening up."

In particular, Garlinghouse diagnosed that during President Donald Trump's tenure, the acceptance of cryptocurrencies is becoming more apparent. He expressed optimism about the new policy trend, saying, "The active adoption of digital assets by the Trump administration's 2nd term will provide a great opportunity for Ripple."

This statement is even more noteworthy as it follows a month after the cooperation theory between Ripple and SWIFT was raised. At that time, SWIFT's industry general Alyssa DiCaprio stated that a test to integrate XRP and Hedera (HBAR) was underway. After the statement, the possibility of Ripple turning from a competitor to a partner of SWIFT was also discussed in the industry, but Garlinghouse clearly defined the competitive structure in this interview.

Investors are interested in how quickly XRP can replace the existing financial infrastructure in the global remittance market and what impact policy changes in the United States will have on Ripple.