Swift’s GPI and Ripple are Ducks in Very Different Ponds
A lot of people have a genuine dislike toward Ripple and XRP. There are also genuine concerns over its ODL service being capable of convincing enough financial institutions.
It is evident that the bias toward this company has grown somewhat out of proportion.
GPI and Ripple Aren’t Competing yet
However, one post on StockTwits paints an interesting picture.
One has to keep in mind the original news dates back to September of 2019.
By that time, there was no one worrying too much about this peculiar development.
In the post, it is explained how SWIFT rolled out a new system called GPI.
Over 3.500 financial institutions had signed up for this solution at the time.
According to Verodus, this would prove disastrous for Ripple and XRP alike.
For now, the impact of GPI hasn’t been felt by Ripple in the slightest.
That is primarily because the company’s focus lies on Southeast Asia, where SWIFT is not necessarily all that popular.
Moreover, it is possible for banks to utilize multiple systems depending on the circumstances and needs of their clients.
It is true that GPI seemingly has a leg up over ODL in this department.
However, things can change very quickly in the financial sector.
Competition should be welcomed, instead of trying to bring down the efforts of specific companies.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow