SWIFT is Nearing an Agreement with Ripple to Incorporate XRP Into Its Cross-Border Payment System

Recently, social media discussions have circulated unverified claims suggesting that SWIFT is nearing an agreement with Ripple to incorporate XRP into its cross-border payment system

Recently, social media discussions have buzzed with unverified claims suggesting that SWIFT is nearing an agreement with Ripple to integrate XRP into its cross-border payment system. Reports have also alleged that billions of XRP are secured in an escrow account as liquidity reserves for the initiative.

However, cryptocurrency news platform Watcher.Guru, which initially reported these claims, announced that its account was hacked. The platform posted an update stating, "Hello everyone! Our X account has been hacked and the previous post (which is now deleted) was posted by a hacker. We are working on regaining control of the account."

The post, which was shared with a screenshot of an email from Twitter stating that the account had been recovered and was now in their possession, continued, "In the meantime, please be aware of any suspicious activity and report it to the appropriate authorities. Thank you for your understanding and cooperation."

Analyst Egrag Crypto expressed amusement at the situation where the account announced big news about XRP, but shortly after, all accounts related to it were hacked, recovered, and deleted, and reposted with information about the hack. The situation was met with a mix of humor and disbelief due to the bizarre sequence of events.

Within the XRP community, there’s growing debate about the future of SWIFT and whether XRP and Ripple’s technology could ultimately replace the cross-border payment messaging system in global finance.

Those in favor of XRP replacing SWIFT highlight the advantages of XRP in terms of faster transactions, lower fees, and better liquidity management. However, there are significant challenges to XRP replacing SWIFT, including regulatory issues and the need for broad adoption by institutions.

Currently, SWIFT is the main system for international financial messages, connecting over 11,000 institutions in 212 countries and territories. While XRP offers advantages like faster transactions and lower fees, the idea of it replacing SWIFT is still speculative and there’s no official confirmation from Ripple or SWIFT about such a shift.

However, a potential partnership could transform global payments, making cross-border transfers faster, cheaper, and more efficient. Ripple CEO Brad Garlinghouse has hinted at this idea in the past, sparking excitement within both the crypto and banking sectors.

The use of XRP in an escrow account for liquidity reserves could reduce concerns about crypto volatility and promote broader institutional adoption of digital assets.

However, challenges such as regulatory issues and SWIFT’s hesitance to fully adopt crypto technology still remain. If it happens, the partnership could significantly boost XRP’s adoption and value.

Still, technical and integration hurdles need to be overcome before a joint venture is announced. Nonetheless, the potential for such a partnership is generating buzz and anticipation within the crypto community. As the story unfolds, it will be interesting to observe how this partnership could reshape the global financial landscape.