World financial and payment leaders have met at the Swell event in San Francisco to discuss Ripple and the payments industry. With the important presence of a former U.S. president and an IMF’s executive Swell is going to capture the attention of investors.
Swell Event and Ripple’s Future
Ripple Labs is working in many different concepts to provide new interesting products and services. The Swell event is a great place where Ripple will be showing what it really has to offer.
One of the most interesting presences is related to the former U.S. president Bill Clinton. The first reports show that he was talking about cybersecurity and defence spending on that area.
— SN (@sostrenews) October 1, 2018
During the speech, he mentioned:
“You don’t want consumer fraud… you don’t want finance criminals… you don’t want to make it easier for terrorists… but how do you do that… challenge of each new technology.”
Former ex-Chairman of the Federal Reserve Bill Bernanke will also be present at the event. Important figures from major banks and the IMF will be participating as well.
This is a great opportunity for Ripple to show its wide range of products and services for financial institutions. Some days ago, RippleNet announced that Thailand’s Siam Commercial Bank adopted the ‘multi-hop’ feature. This system allows banks and companies to settle payments without having an open direct connection with the other party.
In general, it is very time-consuming and costly for a bank to process such transactions. But with this system, financial institutions see several problems solved.
At the same time, the Ripple community is very excited about the xRapid product. There is no information on whether it will be launched during the Swell event or not, but in the near future, this service could be available for customers.
Sagar Sarbhai, an executive at Ripple in the Middle East and Southeast Asia, commented:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
xRapid is very promising for XRP since parties will have to use the famous virtual currency in order to settle transactions.
XRP is currently the third most valuable virtual currency in the market according to its market capitalization ($22 billion dollars). Investors that want to buy XRP coins can do it for $0.55 dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.