It Costs Banks Less To Partner Up With Ripple Than to Create Their Own Crypto

click here to see original post

Founder of Gokhshtein Magazine, David Gokhshtein, tweeted in the latter half of May that Ripple (XRP) is poised to take over the global financial system as Ripple has built a convenient and accessible infrastructure that avoids the need for banks to build their own blockchain systems, which is time-consuming and expensive.

Gokhshtein tweeted that it simply costs bank to less use Ripple and XRP than it does for them to build their own cryptocurrency,

Gokhshtein stressed that it easier for banks to simply adopt something that is “tested and proven to work”.

Indeed, Ripple has been marketing itself as a replacement to SWIFT, the current system that is in place for international transfers. Ripple CEO, Brad Garlinghouse, has talked to insiders from the financial world, including International Monetary Fund Managing Director Christine Lagarde, about how Ripple could be be considered as SWIFT 2.0.

Gokhshtein also went to mention one important point about established financial institutions who have woken up to the arrival of digital assets, namely that they would not disappear but rather evolve to fit inside a new kind of economy.

And indeed, that is how Ripple sees itself, as an evolution of the way people can transfer funds globally, while still being capable of linking the old and the new.

Share !