Goldman Sachs expert Andrew Lokenauth believes that the Ripple XRP is likely to take precedent as the public coin as soon as the Ripple foundation is able to resolve its issues with the security exchange commission (SEC). Lokenauth has been dealing with cryptocurrency in his years, holding different positions at Goldman Sachs, AIG bank, and other important financial institutions. The expert expressed his opinion about Ripple’s XRP coin rather openly.
“Ripple will redefine online payments, and I believe that Ripple XRP will likely IPO and go public once its SEC lawsuit is resolved.”Andrew Lokenauth
Lokenauth furthers that the “main benefits of using the Ripple protocol are speed and reduced risk. Ripple XRP is a replacement for SWIFT, which is expensive and slow.
He explains that [SWIFT is a 50-year-old interbank settlement system that controls the flow of money across borders. Fiat currency takes about 3 to 5 days for delivery from one country to another via SWIFT and requires high transfer fees. Ripple’s XRP needs around 5 seconds to transfer values from one country to another.]
Ripple XRP and the future
Speaking to Cryptopolitan.com, he furthers that Ripple uses the Ripple protocol and can provide a much faster and cheaper infrastructure for interbank payments. It will allow financial institutions and corporations a fast and efficient mechanism to move money around the globe. RippleNet platform uses blockchain technology to send money across borders for banks and other financial institutions (think blockchain meets SWIFT.)
“Ripple is also backed by the Japanese financial services giant SBI Holdings, Spanish bank Santander and top venture capital firms, including Andreessen Horowitz, Lightspeed, and Peter Thiel’s Founders Fund.”Andrew Lokenauth
The expert is thinking far ahead in the future in a scenario where the SWIFT banking protocol is finally going to meet a match in terms of blockchains and Ripple in this scenario is enjoying a unique position as it is placed between the cryptocurrency world and the fiat world as a bridge that is primarily focused on using the network’s power to generate as many transactions as possible.
The unique selling point Ripple XRP adopted here was cross-border payments in countries where it takes days for a single payment of mere $2000 to be delivered to the owner of the money.
For some time, Ripple XRP has enjoyed this unique selling point, and Lokenauth believes that the future of banking is headed in the same direction as Ripple has set its brand standards and preparation for the new era of the banking and financial institution world.
This unique selling point has enabled Ripple’s XRP coin to sit in the front line of the cryptocurrency world since the brand aims to be a method of monetary transactions within the financial world rather than serving as a cryptocurrency for the world to trade and play around with, yet the XRP coin has its own uses despite being sold for as much as $1 at the time of writing.
Lokenauth is adamant that the foundation will provide redefining moments to the financial world and the public initial public offering (IPO) as soon as the foundation has managed to resolve the SEC lawsuit issues.