- The GBBC initiative includes the first draft of RMF. It is designed to help regulated financial institutions assess and manage non-financial risks of public blockchain use, such as Ripple.
- Zschach's recent support shows a shift from previous cautious remarks, indicating an increase in engagement through traditional financial infrastructure.
Swift's Chief Innovation Officer Tom Zschach recently praised the Global Blockchain Business Council (GBBC) and Oliver Wyman for their efforts to promote the adoption of blockchain within the institutional market. Zschach called the collaboration “a commendable job,” highlighting the involvement of players from major industries such as Ripple, Hedera and Cardano.
As reported by Crypto Researcher SMQKE, Zschach's comments on the GBBC announcement and the release risk risk mitigation framework (RMF) for the first draft of the capital markets has been released. This initiative will help regulated financial institutions assess and manage non-financial risks associated with the use of public blockchains. This framework provides practical guidance for the adoption of large-scale, safe and sustainable blockchains.
Swift acknowledges increasing competition for cross-border payments
In the X Platform message, Crypto Researcher Smqke highlighted that Swift's Chief Innovation Officer Tom Zschach recognized Cardano's contribution to Ripple, Hedera and GBBC initiatives. The post quickly led to a strong community response, with one user commenting, “It's interesting to see Swift acknowledge the progress of the blockchain!” On the other hand, using the handle “Only the cartoon dogs” pointed out its importance, suggesting it is in contrast to Zschach's previous remarks on Ripple.
Previously, Crypto researchers analyzed SMQKE reviews of LinkedIn conversations after Ripple acquired the $200 million Stablecoin Infrastructure Company. At the time, Zschach described the deal as “another “checkmate” moment,” but emphasized that cross-border payment competition “is not approaching anywhere.”
As the Ripple lawsuit ended last month, Ripple plans to expand on a massive scale, as mentioned in a previous story, focusing on Swift's $155 trillion cross-border market share. Ripple is a global banking presence and pursues US banking licenses to further integrate services within regulated financial channels.
Fast signal shifts the tone of ripple and blockchain adoption
Swift Chief Innovation Officer Tom Zschach's recent praise for the GBBC collaboration is seen by some in the Crypto community as a notable tone change.
Previously, his comments on Ripple's acquisition left debate about its impact, but his latest statement highlights Ripple's role along with Hedera and Cardano in forming a framework for the adoption of Institutional Blockchain.
Observers view Zschach's public support for the GBBC work as a key indicator of the increasing involvement of traditional financial infrastructure providers in blockchain initiatives. Crypto researcher Smqke noted that this perception could indicate an evolving perspective within Swift in the role of blockchain in the future of global finance.
