Goldman Sachs Now Also Classifies XRP As A Currency

August 14, 2022 7:14 pm

It has been well known that XRP has been one of the most popular choices for financial institutions around the world as demand for the asset and its On-Demand Liquidity service continues to skyrocket.

To add even more credibility to the digital asset, Goldman Sachs has also released a report that classifies the top coins and tokens within the crypto industry.

For XRP, the investment bank firm has classified XRP as a currency and describes it as a real time settlement system.

This is accurate given the fact that XRP can be used for international settlements that can be completed in nearly zero time.

In comparison, many current financial settlement systems could take as long as a couple days.

U.today reports:

A recent report by Goldman Sachs’ Investment Banking Division, “Overview of Digital Assets and Blockchain,” identifies Ripple as an “opportunity in payments,” alongside Circle, a peer-to-peer payment technology, and Coinbase.

The report highlights RippleNet, a network of institutional payment providers like banks and money remittance services that use solutions built by Ripple.

As crypto’s presence in the consumer mainstream grows more conspicuous, the financial industry continues its march toward crypto. Previously, Warren Buffett, a well-known crypto critic, invested $1 billion in Nubank, a Brazilian digital bank specializing in cryptocurrency.

Binance also announced plans for a new payment processor that will allow customers to use digital assets to make retail purchases.

Goldman Sachs is not the only major financial firm that has made a statement where it classified XRP as a currency.

Other institutions like Walls Fargo have also recently released new reports that support the same sentiment which continues to add credibility to the claim that XRP is ultimately a currency at the end of the day.

With major American financial institutions classifying XRP as a currency, this may once again strengthen Ripple’s defense against the SEC in its current lawsuit where the SEC claims that the XRP is a security.

Surely, the SEC cannot speak on behalf of financial institutions that clearly know what the true utility of XRP is as the institutions are the ones what will be using XRP in the first place.

For the SEC to insert its own opinion here would be out of place and unnecessary.

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