i5 Global Networks, Challenging in Cryptocurrency-only SWIFT Network
23days ago
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Huobi Indonesia Establishes the Computing and Payment System for Cryptocurrency with the lead of UDAX Exchange.The dream of all the cryptocurrency exchanges in the world, offering mutual growth through an open platform

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Financial markets around the world are being challenged by fin-tech technology. Previously, foreign remittances among banks were handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Starting from the Ripple’s “xVia” platform which challenges the traditional SWIFT network through the development of blockchain technology, the competition among the new platforms to solve the issues of the existing financial system is getting fierce. 

Currently, i5 Global Networks announced that not only the existing financial system but also it will challenge the “Ripple” who are currently working on a new blockchain-based SWIFT Network by participating in the new platform development project. The difference between “Riffle “ is that while “Riffle” focuses on solving the issues of foreign remittances by developing a platform, the project that i5 Global Networks is participating is a Joint Network for the revitalization of the cryptocurrency market.

In the existing cryptocurrency market, so many of cryptocurrency exchanges appeared throughout the world and there was not a system that would lead to international cooperation within the business area of the exchanges. As a result, a multinational joint venture including China, Indonesia, and Korea have decided to build a joint network that can integrate exchanges all around the world, and establish a develop a convenient payment system that can be used by anyone without any knowledge of blockchain in real life. The system will be developed in an open platform format where exchanges around the world can participate under the banner of 'decentralization' which is the ideal of blockchain. Also, it is evaluated as a platform that overcomes the issues such as cryptocurrency remittance delay, lack of payment system, and market substitution issue.

In particular, it is already attracting attention from blockchain industry since it is a project that involves a broad spectrum of companies, such as influential exchanges, media company, Chinese state-owned company, and Korean technology company, unlike existing cryptocurrency companies.

Charles, The representative of BLOCK GLOBAL, said, “The existing international financial system has always suffered from various issues, and blockchain technology has not solved these issues neatly so far”and “The new integrated Computer/Payment system will be an innovative platform that can not only solve existing cryptocurrency issues but also the issues of existing banks and financial systems. ” Furthermore, Charles said, “We will lead the future financial market through active exchange between cryptocurrency exchanges and blockchain companies to enhance the global cryptocurrency ecosystem starting from this platform.”

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