As a seasoned researcher and tech enthusiast with over two decades of experience under my belt, I find myself deeply intrigued by David Schwartz’s insights into Ripple’s growth strategy and the role of traditional banks in this ever-evolving landscape.
In a recent conversation, David Schwartz, who serves as the Chief Technology Officer at Ripple and architect of XRP Ledger (XRPL), expressed his perspectives on Ripple’s expansion plans and a balanced outlook regarding the role of conventional banks in the company’s future. Notably, Schwartz discussed the constraints faced by traditional financial entities.
The speaker asserts that because banks are traditionally slow and cautious, they find it difficult to incorporate new technologies at a fast pace. This hesitance towards innovation poses challenges for them, particularly when contrasted with tech-centric businesses such as Uber and Airbnb, which devote significant resources to advanced payment systems and operate in a more agile manner, according to the developer.
As a crypto investor, I later found Schwartz discussing Ripple’s collaborations with significant banking institutions on social media. He expressed that while such deals can be profitable, they often don’t bring about significant transformations for Ripple. This is the reason why the company remains relatively unaffected by these partnerships. Even if they manage to conduct substantial business with a prominent bank, it won’t fundamentally alter their strategic direction.
When I say “banks will not become Ripple success stories,” I mean that, despite any successful collaborations between banks and Ripple, these established institutions are unlikely to undergo significant transformations as they were already large and successful beforehand.
— David “JoelKatz” Schwartz (@JoelKatz) October 31, 2024
Other side
Schwartz believes that emerging or up-and-coming businesses have significant potential for rapid expansion using Ripple’s technology. These growth stories may well stem from collaborations with forward-thinking companies eager to experiment with innovative payment solutions and financial technologies.
A fascinating parallel arose there with Microsoft, since the tech titan has significantly aided numerous small businesses in their expansion by leveraging its platforms.
In much the same vein, Schwartz pointed out that this strategy positions Ripple as a significant contributor to their expansion. The focus is less on redefining conventional banking systems and more on collaborating effectively with partners who can flourish using its technology.
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2024-10-31 14:55