- David Gokhshtein welcomes the decision by the Office of the Comptroller of the Currency (OCC) and predicts new all-time highs for XRP.
- Ripple is s more prepared to work with banks than any other digital asset and will be the biggest winner, according to Gokhshtein.
In a video for G Media, David Gokhshtein, Chief Marketing Officer of PAC Global, celebrated the decision by the Office of the Comptroller of the Currency (OCC) to allow financial institutions to hold cryptocurrencies. Gokhshtein believes that Ripple will benefit the most from this decision and predicts that XRP token will reach a new all-time high.
As reported by CNF, the OCC issued a letter a few days ago clarifying that banks licensed in the United States are authorized to offer custody services for cryptocurrencies such as Bitcoin, Ethereum and XRP. In that sense, Gokhshtein acknowledged the work Ripple has been doing for years to forge partnerships, build alliances and promote a regulatory framework that puts the company in an advantageous position to benefit from the decision.
Furthermore, banks and financial institutions make up a large proportion of Ripple’s customers. With the ability to custody cryptocurrencies, banks could store XRP to take advantage of Ripple’s On Demand Liquidity payment solution which is based on the XRP token. Gokhshtein also said that following the decision there will be an unlimited number of opportunities that Ripple and its partners can explore to implement the XRP token into their operations.
Also, the CMO of PAC Global indicated that banks will prefer to use XRP and Ripple because their solutions work with financial institutions. Therefore, they will be able to offer products with better integration than the competition. At the same time, Gokhshtein said that this will take XRP to new all-time highs although he did not indicate a specific number.
Currently, Ripple has partnerships with at least 10 banks licensed in the United States to leverage its payment solutions. In addition, the company continues to partner with banks around the world, as Gokhshtein stated:
Going back to Ripple. Ripple is at an advantageous position. Brad (Garlinghouse) should be jumping up and down (…). He and his team created real use cases that we need. We are prepared. We’re ready.
Ripple has put cryptocurrencies on the map
Gokhshtein also expressed a critical position against critics who do not, in his opinion, recognize Ripple’s work to promote the adoption of cryptocurrencies. In addition to working closely with government authorities and politicians, Gokhshtein said Ripple has been responsible for bringing cryptocurrencies to the media. As such, he said Ripple has “put cryptocurrencies on the map”:
Ripple has been there at CBNC, on every media platform literally marketing for the crypto space. (…) they have a real use case. (Ripple) has said that they will make banking easier.
PAC Global’s CMO also attacked critics who use Bitcoin and the DeFi sector just to make a profit. In addition, he highlighted the benefits that XRP offers over BTC:
If you go to a store and want to pay with Bitcoin it will take you 25 minutes to get out (…). Why wouldn’t I use XRP to shop? And if you tell me that Bitcoin is going to $100,000, why would I sell my Bitcoin? Isn’t it better to use a different digital asset for my transactions, especially a faster one, especially one that communicates with the banks?
Below you can see the full video with David Gokhshtein:
— David Gokhshtein (@davidgokhshtein) July 23, 2020