Ripple is one of the most popular cryptocurrencies around the globe. It has been able to carve a place for itself thanks to its special application in cross border transactions. Ripple also has got the distinction of being the only network that is quite compatible with the conventional banking and financial system. More specifically, the use of Ripple in order to make cross border transactions has proved to be faster and more cost-efficient.
In order to further the blockchain and crypto adoption process, Ripple announced “Swell” – a unique initiative in terms of organizing an annual summit featuring prominent personalities in the banking and cryptocurrency space. The first installment of the Summit was hosted in Toronto in October 2017. The initiative was a result of feedback that Ripple got from its customers all over the globe requesting the company to bring together some of the prominent personalities in the banking and the blockchain space. The request was seriously considered by top Ripple executives and just within a couple of months, the whole concept of Swell Summit came into being. The company organized the first conference under the name of “Swell: The Future is Here” in the month of October 2017 in the city of Toronto.
One of the major highlights of Swell Event is the participation of the bigwigs from the banking and cryptocurrency industry, making this platform unique in its approach. Coming together of experts from the banking industry as well as from the crypto domain is quite a big thing, especially given the fact that the banking and cryptocurrency industry are considered competitors to each other, as per XRP News Today. Ripple dispelled this perception once and for all by effectively demonstrating that both these industries can work in a complementary manner to make the global financial system more accurate, fast, and cost-effective.
The first conference of Swell witnessed participation from a large number of Banking and cryptocurrency experts. The star speakers of the conference included Ben Bernanke and Tim Berners-Lee and the annual event received tremendous participation from a whole host of executives from banking, crypto, and blockchain domain. The second installment of the Swell happened in San Francisco on October 1-2, 2018. Again, the event attracted a lot of attention and the presence of former US President Bill Clinton as a keynote speaker made the event special. Besides, the event became a fertile ground for discussions, deliberations, and collaborations. In fact, Ripple announced the start of on-demand liquidity service during Swell 2018, which went on to become quite a popular feature in XRP’s portfolio. Swell 2019 was held on November 7-8 in Singapore and the conference, once again, witnessed huge participation from different business segments. Ripple used the summit to gain a lot of new clients as its service on-demand liquidity continues to find favor with many banks prominently focusing on cross border transactions.
Swell and Blockchain adoption
The Swell initiative taken by Ripple is one of its kind and proving instrumental in the adoption of blockchain and cryptocurrency across the globe. The use of the blockchain network in order to enhance both the effectiveness and efficiency of a transaction system is increasingly being recognized by many banks and financial institutions. Especially in the cross border transaction, we have witnessed how seamless and efficient transactions become with the help of Ripple technology. In addition to the less time and the enhanced convenience, the use of ripple blockchain is also bringing cost benefits to the table by making the transactions more affordable.
The use of blockchain and cryptocurrency in the banking industry is becoming more common, especially if we consider the progress achieved in the last couple of years. Financial experts and analysts believe that the use of blockchain and digital coins can literally change the conventional way the transactions are being made both locally as well as globally. Now with the conventional banking industry coming along in order to harness the benefits of blockchain and digital coins, the future seems quite bright for the open ledger and digital currencies. It should be remembered that the banking and cryptocurrency industry is not adversities to each other and if we can devise measures to help these systems become complementary to each other, the whole world will definitely witness novel ways of transaction money and value. If you want to know more about the live price and future price prediction then you must click here.