Banks Are Using Ripple Made Solutions Because it Costs Less than Creating Their Own Cryptocurrency

By Prashant Jha

Ripple, the third largest cryptocurrency by market cap has seen a surge of partnerships with both commercial and central banks around the globe in recent years.  David Gokhshtein, the founder of Gokhshtein Magazine recently tweeted that Ripple is well set to take over the world with its consortium of banking solutions software known as RippleNet.

Gokhshtein said that Ripple has created a well-structured and accessible financial infrastructure which can be incorporated by the banks in their operations and it cost them less than what it would cost for creating their own crypto token.

Gokhshtein tweeted,

“It costs the banks less to partner up with $XRP than it does for banks to create their own #crypto”.

Gokhshtein stressed that banks around the world love Ripple made banking solution softwares because it is tested, tried and proven to work. Ripple has been promoting itself as the replacement to the existing SWIFT system which is currently deployed by most of the banks for their international transfer of money.

Ripple’s CEO Brad Garlinghouse has been talking with insiders from the financial world which also include International Monetary Fund Managing Director Christine Lagarde on how Ripple can become the SWIFT 2.0 of the banking universe.

Gokhshtein also put out his views on the banking sector and contrary to the majoritarian belive who thinks with the emerge and rise of digital assets, banks would eventually go out of business. Gokhshtein says Banks is going to adapt to the changing times and they are here to stay. He tweeted,

“bottom line: banks aren’t going to fade out. they will always find a way to adapt to the current environment. That being said; @ripple has the perfect system in place for them and that’s why most of them are teaming with them. “

Gokhshtein views resonate with the Ripple’s working policy where they are looking to expand their services towards the existing bank to make them competent enough with the changing times.