The crypto community has been receiving rumors that Society for Worldwide Interbank Financial Telecommunication ( SWIFT), a global payment provider, would partner with Ripple to integrate products such as xRapid and Ripplenet to its vast network.
SWIFT denies rumors that it had no plans of collaborating with Ripple or integrate with the fintech company to utilize any of its financial tools. And its upcoming upgrade on the SWIFT network is totally unrelated to RippleNet.
According to a spokesperson from SWIFT, the purpose of the upgrade was to incorporate a tracking reference number to all payments.
However, this popular rumor plunges the price of Ripple (XRP) as it temporarily overtook Ethereum in market capitalization earlier on Tuesday. At the moment, Ripple’s market cap currently stands at $21.5 billion while Ethereum is recording a $22.7 billion.
SWIFT has come out to discredit the rumors of the integration, however, XRP/USD has ignored the news staying above $0.5.
Apparently, the rumors were ignited from speculation after Ripple attended the Swift Sibos Conference in Sydney, Australia. People began to read into other related stories, such as the news that a former SWIFT member joined the Ripple team and former comments by SWIFT.
However, SWIFT has been working t0 update the protocol standards and they recommended clients to upgrade to the company’s new global payments platform that’s called Swift GPI.