IBM Integrates with Swift, Further Threatening XRP's Banking Bridge
International Business Machines (IBM) has announced that its Digital Asset Haven platform can now integrate with Swift's shared blockchain ledger.
The integration allows tokenized deposits to be moved on a clock, which is potentially bad news for XRP investors. The idea behind XRP investments was that banks would use it as a bridge between currencies due to the hassle of parking cash in foreign accounts.
Servicing this need with its own platform, IBM's Digital Asset Haven brings a translator and a vault to the table. Banks send standard ISO 20022 messages, which are then turned into tokenized deposit transfers on Swift's blockchain ledger while keeping security keys locked down.
This development comes as Ripple is leaning away from XRP anyway. The company's payment volume is soaring, and it's reportedly considering an initial public offering (IPO). Ripple is increasingly settling transactions with the stablecoin RLUSD, leaving volatile XRP pricing out of the process.