Ripple’s Cory Johnson: We are in competition with SWIFT

Cory Johnson, Chief Market Strategist at Ripple, was a guest at the “Yahoo Finance All Markets Summit: Crypto” last week. There he spoke in an interview, among other things, about the differentiation of the company Ripple from the XRP token. He also has a few words to say about the international payment service provider SWIFT, which he sees as Ripple’s main competitor.

Last week the “Yahoo Finance All Markets Summit: Crypto” took place in San Francisco. As the name suggests, it was supposed to be about questions about investing in crypto currencies. One of the guests present was Ripple’s Chief Market Strategist, Cory Johnson, who gave interesting insights in an interview. Ripple Cory Johnson At at Yahoo Finance crypto summit

Ripple and Bitcoin code

Johnson is annoyed that many people can’t tell the company Ripple from the token XRP and how it works. Ripple and Bitcoin code are still used synonymously by many in the cryptoscene. The XRP token is only a part of the company that is used for transactions in the network.

It draws the comparison to the US American oil company ExxonMobil. This is also not used synonymously with the term oil, even if the production of oil is one of the essential components of the business. Accordingly, Ripple is not a crypto currency, but a software company offering financial services.

The first quarter of 2018 was the best yet for Ripple. This is demonstrated by the fact that countless partnerships have been formed with other companies, banks and financial institutions. Nevertheless, it was probably the worst quarter for the XRP token in terms of price and market capitalization. This shows that companies and crypto currencies are not the same.

SWIFT as main Bitcoin code

In addition, Johnson also addresses the market situation for Bitcoin code. The SWIFT banking consortium has always been Ripple’s main competitor. The SWIFT cooperative standardizes worldwide transactions between different banks from different countries. SWIFT’s reach is many times greater than that of the network the Bitcoin code is building.

Nevertheless, the system has weak points. Contrary to its name, it is anything but “swift”. A transaction takes three to five days, with an error rate of 4 percent. The system is closer to a carrier pigeon than to a messenger service or an e-mail. Here he sees chances for the enforcement of Ripple.

With these statements he also distinguishes XRP from other crypto currencies such as Bitcoin and Ether, to which Ripple does not want to compete. Although he sees that there are Bitcoin and Ether holders who are against Ripple, he attributes this to the general envy of the crypto market. The actual use case of XRP, to function in the Ripple ecosystem, is not affected by this.