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Ripple [XRP]’s David Schwartz – Market situation now distracting and baffling

Ranjitha Shastry



Ripple [XRP]'s David Schwartz - Market situation now distracting and baffling
Source: Unsplash

David Schwartz, Chief Cryptographer at Ripple, at a conference presented by Voxpro, called ‘The future of money’ in Dublin expressed how people often misspell his designation as ‘choreographer’ and that how significant his work is at Ripple, also how that it helps move money for its customers.

Ripple's Tweet. Source: Twitter

Ripple’s Tweet | Source: Twitter

Talking about his unusual role at Ripple, Schwartz said that it is a ‘created’ role that they [Ripple team] made out of what he does and gave it a cool sounding name, Chief Cryptographer. A Chief Cryptographer, according to Schwartz, is someone who does a lot of external messaging for the company, talks to people about what they are doing, and spread the news.

He also added that they speak to customers regarding global payments and removing fiction from international payments. He is also trying to keep Ripple aligned with technology, making sure they keep executing for their customers.

When asked about the current market situation and how is it affecting the moral of Ripple in particular, Schwartz termed it as ‘something that is a distraction and is completely disconnected’. According to him, price fluctuations can become a distraction, and it obviously doesn’t reflect the success of the company. Ripple had the best quarter this time and is now seeing new banking partnerships as well.

Schwartz also added:

“We were doing very well and the market just does what it does, I don’t think anybody knows whats going on there. I think its basically just a distraction doesn’t seem to reflect the fundamentals. Obviously, people are very upset with keeping track of those numbers, particularly people who have a significant fraction of their net-worth in these digital assets. But it doesn’t seem to reflect the progress of any of these projects, in terms of the technology they are building, the partnerships. it’s just completely disconnected. It’s kind of baffling.”

On being asked about the product xRapid and why people should use them separately from that of the token itself, Schwartz explained that requiring people to use a token is completely a wrong strategy. They did try that strategy in the early days and it was a very slow going process. Nobody wanted to make payments because there is no liquidity and nobody wants to provide liquidity because there are no payments.

He explained it as:

“you know this chicken and egg problem. Trying to force people to use an asset that’s not the best asset for the use case. it’s just gonna build a terrible system that nobody is would want to use. we are trying to build neutral and universal platforms and we believe XRP can win for the use case. We are targetting settling international paymnets because that’s the fastest and the cheapest.”

Moi, a Twitter user commented:

“hey @ripple you dropped 15% today. can you just not do that?”

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Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.



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