• Ripple’s XRP, Stellar’s XLM, and IOTA have unlocked the ability to integrate with SWIFT, the global financial messaging network.
• These cryptocurrencies have formed partnerships with major players in the industry, including banks and financial institutions.
• Ripple, IOTA, and Stellar are now well-positioned to compete against traditional banking systems and drive innovation in the financial industry.
Cryptocurrencies Positioned for SWIFT Integration
Ripple’s XRP, Stellar Lumens (XLM), and IOTA are three cryptos that boast ready-to-use technology for payments. The technological advance has positioned these coins as favorites to harness SWIFT in new markets.
Ripple and XRP’s Push into Dubai Market
Ripple has been part of the standard body since May 2020 and its native coin XRP is leading efforts to partner with traditional financial institutions. Its technology allows for real-time settlement of cross-border payments offering a much faster alternative to traditional methods. Recently Ripple announced a push into Dubai market signaling determination as a blockchain payments firm.
Stellar Lumens‘ Decentralized Financial Services
Stellar Lumens takes a slightly different approach positioning itself as a platform for decentralized financial services providing banking services to those who lack access or are underserved by existing systems. This move targets billions of people across Asia Pacific, Latin America & Africa who lack access to bank accounts or reliable payment solutions.
IOTA’s Progress towards Interoperability
IOTA has also made progress towards interoperability partnering up with major firms such as Volkswagen & Fujitsu aiming at optimizing machine economy by making it possible for machines and devices to securely store & share data while enabling transactions between them on Tangle based ledger system without human intervention or fees required.
Conclusion
The achievement of unlocking SWIFT integration puts these digital currencies in position within the industry with potential to disrupt traditional banking systems with faster, cheaper & more efficient alternative transaction methods backed by partnerships from major players such as banks & financial institutions driving innovation in finance sector globally.