Will the cryptocurrency to displace SWIFT
The cryptocurrency market is in a moderately upward dynamics. Total market capitalization is $239 billion, according to Coinmarketcap. Bitcoin gained +1.14 percent for the day, and rose to the level of $7378 per coin. Ethereum is cheaper on -1,04% to $283 per coin, token Ripple XRP also falls in the price of -1,24% to $0,3299. Other cryptocurrencies of the TOP 10 Coinmarketcap show an upward trend, the largest increase was Stellar +3,07% Litecoin +1,47%.
The field of cryptocurrency and blockchain runs the establishment, and opportunities offered by this technology is gradually beginning to attract a large and reliable company to create a truly useful and breakthrough products.
Thus, it became known that IBM announced the creation of the international payment system on the blockchain Stellar. Thus, in a short time we can see a full analogue of the SWIFT, and most likely such a project will not be the only, therefore, to fear that IBM is going to “capture” the global financial market and will dictate its conditions, as it is now trying to make the United States not worth it.
Global payment on blockchain-based system, the Stellar Protocol will be called the Blockchain World Wire. With this system, banks will be able to make international payments using clearing, the rate of payment will be almost instant – all for a few seconds to confirm transactions. Transactions can be carried out as with traditional Fiat or cryptocurrency between and.
This project will become a competitor not only for SWIFT but also for the Ripple project and its xRapid. The company Ripple has traditionally positioned itself as the most important that brings the financial markets, and the tokens and the transfer system must also allow for large payments that usually take a few days from traditional banks, in just 30 seconds.
Recently, Ripple has received a positive opinion from the representative of one of the world’s largest banks – Mitsubishi UFJ Financial Group Inc, which recognized the Ripple technology is one of the most successful options for faster and cheaper processing of payments.
Mitsubishi UFJ Financial Group Inc. is the fifth largest Bank in the world by total assets with greater капиталbpfwbtq than other consortia, such as JPMorgan Chase & Co, Goldman Sachs and Santander.
Thus, in the near future we will have several projects, allowing to save costs of maintenance and make it much faster. And the more such projects will be established, the better for the end user, since competition is forcing the company to improve its product and make it cheaper for the user.
“International Financial Center”