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Ripple CTO Explains How XRP’s Game Changed with Banks
In a recent video clip shared by XRP Governor on Twitter, Ripple’s Chief Technology Officer, David Schwartz, opened up about a significant strategic shift within the company. According to Schwartz, Ripple’s focus has shifted away from traditional banking institutions. The reason? Banks are simply too slow, too conservative, and ultimately not the driving force behind XRP’s success.
Reflecting on Ripple’s early strategy, Schwartz pointed out that banks once seemed like ideal partners due to their prestige and media attention. “Banks, it’s very sexy when you close a deal with a bank,” he said. However, despite the publicity, those partnerships rarely led to meaningful utility. “They are never going to be Ripple success stories,” he added, describing banks as overly cautious and unwilling to take the kind of risks that blockchain technology demands.
Schwartz emphasized that banks hesitate to pass on the benefits of Ripple’s innovations to their customers, fearing it may highlight their inefficiencies. This reluctance has led Ripple to rethink its priorities.
Deals that once served as headline-grabbing milestones now feel hollow if they don’t result in real usage. “If all they want is a press release… now we’re like, hey, we want to move billions of dollars now,” he emphasized.
This shift marks a significant turning point for Ripple and the broader cryptocurrency ecosystem. The company is no longer interested in symbolic partnerships but instead focused on generating real transaction volume and enabling faster, cheaper, and more reliable cross-border payments.
While banks were once seen as the gateway to institutional adoption, their reluctance to embrace innovation has left the door open for more agile players. Fintechs, money service businesses, and crypto-native platforms are stepping in to fill the gap, driving real-world adoption of XRP through Ripple’s On-Demand Liquidity (ODL) service and other decentralized tools.
The remarks from Ripple’s CTO carry an even deeper implication: XRP no longer needs banks to thrive.
Source: timestabloid.com
