SWIFT leap towards blockchain can ripple the market for Ripple

15 February 2019

Latest Telecom Market News

SWIFT leap towards blockchain can ripple the market for Ripple

(Europe): SWIFT (Society for the Worldwide Interbank Financial Telecommunication) has recently partnered with a blockchain startup R3. It will link R3’s blockchain platform Corda with its new payments standards framework GPI Link (Global Payments Innovation).

SWIFT move towards employing blockchain technology is to resolve some of its key issues, prominently reduce delays in cross border payment processing.

Indeed Ripple is the main competitor to R3 while SWIFT is the leader in cross border payments which process around $200 billion daily. This would be a clear advantage to R3 over Ripple.

South Korea’s to create its cryptocurrency

(Asia): South Korea is to launch its cryptocurrency called K token in a local city, Gimpo for which the country largest telecom company Korea Telecom is selected.

The currency is expected to be launched in April and will be available for transactions locally, but later will be expanded to local governments and other cities.

The payments will be made through QR scan and merchants will be able to request funds in their bank account without charges. The city plans to issue 11 billion won (over $9.7 million) value of K tokens per year.