IBM Connects to Swift Blockchain Network, Further Challenging XRP

The Swift cooperative has been working on its blockchain payment network for some time now. IBM has announced that it can now connect to this network using its Digital Asset Haven platform.

This is a significant development as banks can now send digital cash around the clock without needing XRP tokens or the Ripple network. The idea behind XRP investments was that banks would use it as a bridge between currencies, but Swift's answer is less exciting and more bank-friendly.

Ripple's payment volume is soaring, and the company is reportedly considering an initial public offering (IPO). However, Ripple is increasingly settling transactions with its own stablecoin, leaving volatile XRP pricing out of the process.

IBM's involvement in Swift's blockchain network may be bad news for XRP investors. The company's Digital Asset Haven platform brings a translator and vault to the table, making it easier for banks to move their own money on a ledger they already share.