In an interview with Kathy Chu, senior crypto correspondent at TruthDAO, General Manager Ripple Asheesh Birla discussed a wide range topics including Ripple-Swift growing rivalry.
Commenting on the SEC lawsuit Asheesh Birla stated that the Judge is managing the case pretty well and Ripple is in a good position as they have won more little battles than the SEC. Shedding some light on the lawsuit’s impact on Ripple, Asheesh stated that Ripple is a resilient company and little bumps on the road can not deter them.
He mentioned that despite the legal battle, Ripple has had a great past year. Specifically, his department, that is responsible for providing businesses with innovative solutions, he stated, has had a banner year. Asheeha appreciated Ripple’s loyal customers as he stated that since the lawsuit they have double downed on Ripple and that is what helps the firm grow.
He noted that the lawsuit is not only crucial for Ripple’s future but for crypto as a whole. As the entire market is seeking legal precedents.
Ripple Replacing SWIFT
When asked whether Ripple is aiming to replace SWIFT, Asheesh responded saying that they have bigger goals than replacing swift. He said that for international payments to be done, there are two key fundamentals. One is messaging and the other is actual transfer of funds. Asheesh said Ripple only does the messaging part. Whereas, Asheesh boasted, Ripple does the both at the same time. Making real time cross-border payments. Asheesh stated:
“We’ve modernised both. So, using SWIFT for messaging is like what’s happening using a fax machine today. So, we modernise that using APIs. It’s real-time.”
However he did acknowledge that because the change takes time and money, Swift is here to stay for more five years. In the meanwhile, relatively innovative companies will continue to move to crypto based payment solutions, Asheesh added.