Ripple’s Marcus Treacher says RippleNet is a cover version of the old SWIFT

Recently, at the Blockchain Live event, eminent speakers from the blockchain industry came together to discuss the future of the cryptocurrency market. During the event, Marcus Treacher, the Global Head of Strategic Accounts at Ripple Labs Inc., a cross-border payment solution company, spoke about RippleNet, and some of the misconceptions people had about the company’s products.

On being questioned about what he thought was the most exciting thing Ripple was working on, Treacher answered by stating that the most “important reality” was that its paymet solution was in production. He explained that at present Ripple had achieved the milestone of partnering with banks and payment companies across 40 countries.

He also stated that the number of banks partnered with the company was significantly going to increase by the end of this year. Marcus stated that Ripple uses a distributed ledger technology for its payment solutions. He further added that XRP will be a part of the payment solutions offered by Ripple. He went on to say:

“It’s blockchain technology, its a DLT technology. We also have the cryptocurrency XRP in the equation. We have created a banking scheme which we call RippleNet, that is a cover version of the old Swift, of the 21st century.”

Furthermore, he stated that the company was working over the past 4 years with banks across different countries to bring RippleNet out of the lab and into reality.

He also discussed some of the misunderstandings that people had about the company. The head stated that Ripple was a “real payments company,” that had an open network and included all the aspects of the blockchain.

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