Prominent payment services provider Swift recently reported plans to integrate regulated digital assets to expand its services. This revelation sparked several reactions within the crypto community, as many speculated XRP as a potential option for Swift.
However, a crypto expert has clarified the confusion using alternative facts.
Swift Plans To Integrate Regulated Digital Assets Sparking Speculation On XRP
Leading payment service provider Swift recently released a report regarding its expansion plans.
We’re paving the way towards real-world solutions that will enable our members to transact interchangeably with regulated #DigitalAssets and currencies on the Swift network.
👉 Discover what’s next on this exciting journey: https://t.co/SUwRPAtcdg#DigitalCurrencies #innovation pic.twitter.com/SPn0caIHgJ
— Swift (@swiftcommunity) September 11, 2024
According to the information, Swift wants to extend its services into crypto by integrating regulated digital assets and cryptocurrencies.
The report revealed that Swift is working on supporting crypto assets for its payment and transfer services globally.
These plans come after previous successful research and experiments in blockchain interoperability. Swift has also participated in some projects on central bank digital currencies (CBDCs).
In addition, the payment provider plans to leverage its knowledge and experience in global interoperability to tackle specific issues within the digital asset space. Notably, its targeted challenges revolve around regulation and fragmented platforms.
Further, the report indicated that Swift aims to establish a central network that supports different currencies and asset classes, such as tokenized assets and CBDCs.
It also revealed that Swift is developing and testing solutions to enable such digital transactions. Moreover, the company indicated its readiness to disclose progress as the days rolled.
Meanwhile, Swift’s report sparked several reactions within the crypto space, mainly from XRP community members. Some people speculated that XRP is Swift’s potential choice for a regulated digital asset.
This belief stems from the recent declaration of a US federal court in the prolonged legal battle SEC vs. Ripple. The court ruled that XRP is not a security, contrary to the SEC’s claims.
Crypto Expert Clears the Air On Misinterpretation Regarding XRP And Swift’s Plans
Some people have counter opinions amid the speculation and growing excitement over XRP as Swift’s potential choice. Crypto expert Zach Rynes is among those who spotted a misinterpretation of Swift’s report and plans.
Rynes, also a Chainlink community liaison, stepped out to address the confusion surrounding XRP in Swift’s recent publication. He highlighted some key facts to support his assertions regarding Swift’s move to integrate regulated digital assets.
Everyone asking about Ripple and XRP is so deeply confused about what’s happening here
Swift highlights in this article how they’re moving forward on connecting the Swift network to digital assets / tokenized assets, based on their prior work “which we’re now advancing to the… https://t.co/WcgbB4dolb pic.twitter.com/d0MvufMI58
— Zach Rynes | CLG (@ChainLinkGod) September 11, 2024
According to Rynes, Swift’s publication reflects the firm’s work on blockchain interoperability with Chainlink and 12 other financial entities. He specified that Swift has collaborated with Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
The crypto expert noted that CCIP supports Swift member banks in speedily executing the settlement of tokenized assets by connecting Swift banks to private and public blockchain networks.
Further, Rynes mentioned that Swift’s report bears no reference to XRP. However, it indicated the company’s partnership with Chainlink. He said the XRP community is merely reacting to superficial indications instead of actual content in the report.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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