Crypto researcher SMQKE has drawn attention to a LinkedIn exchange involving a senior SWIFT executive in response to Ripple’s recent acquisition of Rail, a company described as a stablecoin powerhouse.
The deal, valued at $200 million, was highlighted in a post by Franz Steinbeib under the headline, “The End of the B2B Payments Race? Ripple’s $200M Checkmate.” In the comments section, Tom Zschach, identified as Chief Innovation Officer at SWIFT, wrote, “Another ‘checkmate’ moment.”
Zschach followed this with the statement that the race is “nowhere near over” but that the track “just got a little more crowded,” adding that this is a positive development while “the referees are still deciding.” SMQKE’s tweet reported the remark, framing it as a direct SWIFT comment on the acquisition.
SWIFT COMMENTS THAT RIPPLE’S RAIL ACQUISITION IS ANOTHER “CHECKMATE” MOMENT
— SMQKE (@SMQKEDQG) August 14, 2025
Differing interpretations of the statement
Following SMQKE’s post, X user Nietzbux argued that the use of quotation marks around “checkmate” suggested sarcasm rather than a literal endorsement of Ripple’s move as decisive.
According to this interpretation, Zschach was referencing the frequent use of the term by online commentators who claim various developments signal the end of competition. Nietzbux stated that because “there can be only one checkmate in a game of chess,” the phrase “another ‘checkmate’” is a way to mock repeated and exaggerated claims of finality.
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However, another user, Shawn Dejong, disagreed, stating that the word “another” indicates that the comment referred to a series of moves toward an outcome.
Dejong cited prior developments such as “hidden road” and suggested that Rail’s acquisition is part of Ripple’s broader positioning to become the preferred option for SWIFT messaging and ISO 20022 standardization. Dejong further accused Nietzbux of misrepresenting the intent of the comment made by Zschach.
The Significance In Context
SMQKE’s focus was on the fact that the remark originated from a SWIFT executive account, making it notable in the context of Ripple’s growing presence in cross-border payment infrastructure.
The reference to “checkmate” appears alongside an explicit statement that the race is not over, which leaves the interpretation open. While some see the comment as dismissive of exaggerated claims, others interpret it as an acknowledgment of Ripple’s ongoing strategic progress in the cross-border space.
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