Tom Zschach, the chief innovation officer at Swift, has intensified his dispute with advocates of the XRP community.
In a recent statement, he likened the use of a private token as a “bridge currency” to equating a fax machine with the internet.
“Is it fast? Certainly. Revolutionary? Only if you’ve never experienced Wi-Fi,” Zschach remarked in his online post.
Although Zschach didn’t explicitly mention XRP in his comments, it’s clear that he was alluding to this Ripple-associated token. This is evident from the numerous critical responses he received from community members.
Some individuals particularly took issue with Zschach for allegedly misrepresenting XRP as Ripple’s proprietary token despite its reputation as decentralized altcoin.
The Blockchain Endeavors of Swift
This latest commentary follows Swift’s recent announcement that unsettled the XRP supporters by revealing plans to develop its own blockchain in collaboration with Ethereum developer Consensys. Prominent financial institutions like JPMorgan and Deutsche Bank are anticipated to participate in this initiative.
Zschach has also recently expressed skepticism about Ripple’s potential dominance over traditional finance systems, suggesting that banks are unlikely to adopt the XRP token for their operations.