Ripple XRP Backed by Federal Reserve. Hutchins, Barnanke, Cunha, Distributed ledger startup Ripple is stepping up its attempt to disrupt Swift, the infrastructure provider that today connects over 11,000 banks around the world.
On the same day, in the same city as Swift’s flagship event Sibos, Ripple has announced it will host Swell, an event also aimed at bringing the world’s financial leaders together to network and discuss trends and strategies. Former Federal Reserve chairman Ben Bernanke is bullish on Ripple XRP.
Speaking at Ripple’s Swell conference in Toronto today, being held the same week and in the same city as Sibos, the annual gathering hosted by Ripple’s rival Swift Bernanke told a room of several hundred attendees that he believes payments can be slow and expensive as designed using existing tools today.While there are nimble startups, Boston Fed VP: Blockchain Will Wake Up Swift and Other Middlemen said Cunha – pointing to Ripple (which has perhaps been the most aggressive in its pursuit of Swift’s market share) as an example of the kinds of business models that could ultimately prove more disruptive – he concluded that partnerships between the two camps are inevitable. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Bitcoin could be the wrong solution – and other tokens like Ripple could end up being the right answer.
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