Guts and brains are required to change the status quo and write your name in history. Of course, there are not many who have them like David Schwartz does. The energetic CTO of Ripple is brute and fearless in his ambitions to disrupt conventional banking as we know it. In the light of this, well equipped with the intellectual ferocity that has come to define Ripple, Schwartz seeks to transform banking with blockchain.
Why wait days to have transactions completed? Why not move even trillions of dollars from one bank account to another with the snap of a finger? These are the questions David Scwhartz is ambitiously asking. Consequently, Schwartz is sculpting Ripple to transmute global money transfers into a realm of convenience, fluidity, and speed that befits the 21st century. Given that, Schwartz has his visionary eyes set on transforming SWIFT, which is the Society for Worldwide Interbank Financial Telecommunication. However, you may ask, why wouldn’t David Schwartz just let SWIFT be?
Why SWIFT Needs Ripple: Beauty and Cracks
To begin with, SWIFT is undoubtedly a worthy target of Schwartz’s futuristic obsessions. SWIFT, a Belgian cooperative organization which started operations far back in 1973, boasts a voluminous 10,000 financial institutions within its operation. Swift takes care of about $6.74 trillion USD in transfers every day. Therefore, it is safe to say Swift is one of the alpha figures in global banking.
Regardless, even amidst all the gasping radiance of SWIFT, there are some embarrassing problems that have stuck with it through the ages. SWIFT, just like many other international money transfers gateways, is painfully lethargic and dreadfully slow. Sometimes you have to wait for days to have your transfer completed. In such a modern world like ours, where speed is virtue and patience is vice, the bureaucratic slowness of SWIFT is a big embarrassment to our Jet Age. In addition to this, the cost is worrisome and even unstable. This is even more distasteful considering that the Ethereum and Bitcoin blockchains transfer huge amounts of money within minutes.
David Schwartz and the Messiah Mantle
Here comes the messiah David Schwartz and his Ripple. Voraciously exploring innovative blockchain solutions, Schwartz hopes to transform the reality of global money transfer. Ripple is already recruiting some of the biggest boys in the international banking scene to come test its tools. The likes of BBVA, American Express, Bank Of Indonesia and UBS are already tasting spoonfuls of the banking technology Ripple and Schwartz are bringing. Ripple has energetically unleashed three revolutionary products in the form of xCurrent, xRapid and and xNew. These are slated to solve age-long challenges that handicap international banks. This is Ripple rippling the international banking setup.
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