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,
It costs the banks less to partner up with $XRP than it does for banks to create their own #crypto.
— David Gokhshtein (@davidgokhshtein) May 19, 2019
Gokhshtein stressed that it easier for banks to simply adopt something that is “tested and proven to work”.
Facebook could have develop their own Instagram. Instead, they bought the project.
Point being, it’s easier to just partner up with something that’s already tested and proven to work.
— David Gokhshtein (@davidgokhshtein) May 19, 2019
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.
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. $XRP #SundayThoughts
— David Gokhshtein (@davidgokhshtein) May 19, 2019
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.
