SWIFT, the 11,000-member global payments network, has announced a partnership with enterprise blockchain consortium R3, and the news is already being felt in the cryptocurrency market where the rusty gears of the ripple (XRP) rumor mill have begun to turn at a rapid pace.
According to the announcement, SWIFT and R3 have developed a proof of concept that links SWIFT’s GIP payments network with R3’s Corda platform to monitor payment flows, settle gpi payments through their bank, and receive credit confirmations. The groups will publish the results of the trial in September.
XRP bulls responded with rabid enthusiasm to the news, speculating that R3’s alliance with San Francisco-based crypto startup Ripple — past multi-billion dollar legal disputes having been swept under the rug — provides XRP with its best bet to achieve adoption by SWIFT, the financial industry’s white whale.
Absent from the announcement, of course, was any clear statement that the Ripple company would play any role in that partnership, much less introduce its XRP cryptocurrency to the SWIFT network of financial institutions. However, Ripple bulls have a lengthy track record of letting their hopes and dreams get the best of them.