- •Swift’s Tom Zschach mocks XRP, sparking outrage across crypto circles.
- •Ripple CEO Brad Garlinghouse downplays Swift’s blockchain as mere marketing.
- •Swift’s new blockchain project fuels growing rivalry with Ripple’s XRP.
Swift’s chief innovation officer, Tom Zschach, has set off a storm across the crypto community after making a scathing remark that appeared to target Ripple’s XRP token.
According to his recent social media post, he likened the idea of using a private token as a bridge currency to “using a fax machine and calling it the internet.” He added that such an approach might be fast, but calling it revolutionary only makes sense if someone has never used Wi‑Fi.
Although Zschach did not directly mention XRP, his post left little room for doubt about its intended target. His analogy quickly drew an outpouring of angry reactions from XRP supporters, who accused him of dismissing the cryptocurrency’s decentralized nature.
Many argued that labeling XRP as a “private token” was misleading, pointing out that Ripple and XRP operate independently despite their close association in the payments space.
The controversy erupted just days after Swift revealed its partnership with Ethereum developer Consensys to develop a new blockchain solution for cross‑border payments. Major financial institutions such as JPMorgan and Deutsche Bank are reportedly taking part in the initiative.
This announcement heightened tensions between Swift and Ripple supporters, as many interpreted the project as a direct attempt to rival Ripple’s blockchain‑based payment infrastructure.
Calling a private token a “bridge currency” is like using a fax machine and calling it the internet. It mimics the form but not the function.
Fast? Sure. Revolutionary? Only if you’ve never used Wi‑Fi.
— Tom Zschach (@TomZschach) October 4, 2025
Swift’s Blockchain Push Intensifies Rivalry with Ripple
Zschach has openly questioned Ripple’s potential to reshape global banking. He previously stated that most institutions would remain hesitant to adopt XRP in their core operations.
XRP advocates, however, continue to defend Ripple’s progress in blockchain technology. They highlight its active partnerships and growing payment corridors as proof of long‑term success.
Despite Zschach’s criticism, Swift’s entry into blockchain technology shows that even traditional financial networks recognize the need for modernization.
Ripple CEO Responds to Swift’s Blockchain Plans
According to Good Morning Crypto via X, Ripple CEO Brad Garlinghouse has responded to Swift’s blockchain prototype announcement. Garlinghouse reportedly downplayed the significance of Swift’s project, calling it “more of a marketing effort than a true technological milestone.”
In a video shared by Good Morning Crypto podcast host Jake Claver, it was revealed that Garlinghouse, in a letter to shareholders, stated that Ripple has spent more than 13 years developing a strong blockchain infrastructure.
He noted that while Swift is still testing a prototype, Ripple has already built operational systems such as the XRP Ledger, which supports cross‑border payments and stablecoin custody solutions.
Garlinghouse emphasized that Ripple’s achievements go beyond innovation to real‑world adoption, making it far ahead of Swift in blockchain deployment. He added that Swift’s late entry into blockchain highlights the difference between experimenting and executing.
The back‑and‑forth between Zschach and Garlinghouse has deepened the divide between traditional finance and decentralized innovation. As Swift attempts to reassert itself in the payments industry, Ripple continues to strengthen its position through technology and partnerships.