Bitcoin, Crypto currency, Blockchain

Ripple’s Cory Johnson: We are in competition with SWIFT

f69dc2d9aea9f05d35d2eef4bb07f1bb - Ripple’s Cory Johnson: We are in competition with SWIFT

Cory Johnson, Chief Market Strategist of Ripple, was in the last week in the “Yahoo Finance All Markets Summit: Crypto”. There, he said in an Interview, among other things, on the delimitation of the enterprise Ripple from the XRP-Token. Also to the international payment service provider SWIFT, which he sees as a main competitor for Ripple, he has words left.

Last week, the “Yahoo Finance All Markets Summit: Crypto” took place in San Francisco. As the Name says, it should go there to ask around the Investing in crypto-currencies. One of the guests present, the Chief Market Strategist of Ripple, Cory Johnson, in an Interview with interesting insights.

Ripple Cory Johnson At Yahoo Finance crypto summit

Watch this Video on YouTube.

Ripple and XRP

Johnson shows annoyed that many people are not able to distinguish the firm Ripple of the Token XRP and function. Many in the crypto scene to Ripple and XRP will be used is still a synonym. Here, the Token XRP is only a part of the company, the transactions in the network.

He draws the comparison to the American Oil company ExxonMobil. This will also be used interchangeably with the term Oil, even if Oil is one of the essential components of the business. Ripple is, accordingly, not a Cryptocurrency, but a Software company offering financial services.

The first quarter of 2018, was for Ripple the best so far. This makes the fact that countless partnerships with other companies, banks and financial institutions were closed. Nevertheless, whether it is for the XRP-Token the probably worst quarter have been measured at exchange value and market capitalization. This does not show that the company and crypto-currencies the same.

SWIFT, as the main competitor

In addition, Johnson is also on the market for Ripple. So, the banking consortium SWIFT had always been the big competitor to Ripple. The co-operative SWIFT standardized worldwide transactions between different banks from different countries. The range of the SWIFT is compared with the network-based Ripple many times larger.

Nonetheless, the System have some weaknesses. So be it, unlike the Name suggests, anything other than ‘swift’ (fast). A transaction need three to five days, with an error rate of 4 percent. The System standing a carrier pigeon is closer than to a Messenger service or an E-Mail. Here he sees opportunities for the enforcement of Ripple.

With these statements, it clearly the XRP also other crypto currencies such as Bitcoin and Ether, do not occur where Ripple in the competition would like to. Although he sees that there is Bitcoin and Ether – holder, the counter-Ripple, however, he writes that the General resentment to the crypto market. The actual Use-Case of XRP, to work in the Ripple Ecosystem, does not affect this.

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