Swift CEO’s Dismissive Remarks Spark Heated Debate Over Blockchain Technology and XRP

Tom Zschach, chief innovation officer at Swift, sparked controversy by sarcastically comparing private token solutions to using a fax machine in an online post. This sparked outrage from Ripple supporters who argued that labeling XRP as a “private token” undermines the cryptocurrency’s decentralized nature. 15 years of dedicated work by Ripple have resulted in real-world applications and operational systems for cross-border payments and stablecoin custody solutions, according to CEO Brad Garlinghouse, challenging Swift’s late entry into the space.