What is talked about this year at Swell, Ripple’s special event that started yesterday and is held annually?
Ripple’s Swell conference, which will last for two days, started yesterday. Interesting comments and information leaked from the online conference, where CEO Brad Garlinghouse shared the opening on Twitter.
In his opening speech, Garlinghouse said that the finance industry has not seen the recent innovations for decades, digital banks, Payment Service Providers (PSP) and digital wallets are now entering our lives and that there is a very serious increase in their use, Ripple’s vision of the Internet of Values. He stated that all these phenomena were in his heart.
Ripple’s new product Credit Line
Garlinghouse also said at the conference that XRP is the key force behind RippleNet, and informed that the company has doubled its strength by adding 500 more employees. One of the important information of the first day was Ripple’s new product Line of Credit.
It was stated that the person responsible for this new product of Ripple was Barry Joseph, and it was stated that the pre-financing time, which took 2 to 3 months, was over. Thanks to the “credit line”, RippleNet members will be able to buy XRPs whose price has been predetermined at that price and reduce the whole process to 24 to 48 hours. While the annual interest rate varies between 4 and 12 percent, the length of the agreement from 90 days to 360 days will determine this rate. The refund will also be made in local currency instead of XRP.
The conference also included an On Demand Liquidity (ODL) panel with Flash FX from Australia, Bitso in Mexico and Sigue Group CEO Guillermo de la Vina. Sigue, a financial company that offers a range of services, including personal and mobile money transfers, and De la Vina announced on the panel that his firm was able to launch a new ODL corridor within 6 months.
Ripple-Bank of America collaboration
The potential cooperation between Bank of America and Ripple, one of the rumors that has been spoken and reported many times before, is among the information leaked from the conference … Although the XRP community is divided on this issue, screenshots showing the ODL promotional video of Bank of America on Twitter allegedly. However, none of this information has been confirmed. It was stated that the screenshot is only related to “fast payment”.
Marcus Treacher, the company’s manager for customer success criteria, announced that the CX Impact Award was won by Ripple customers SABB (Saudi British Bank) and TB Bank. This award is given to Ripple’s banks and companies that have a significant influence on their customers.
Both banks use RippleNet. TB Bank is known to be the largest bank in Vietnam. The bank has been using RippleNet since 2019 to make cross-border transfers between Vietnam and Japan at high speed and low fees. DeeMoney and Banco Rendimento also received the “Network Accelerator Award” from Treacher.