DeFi
Ripple CTO Breaks Silence on Ripple’s Plans to Increase XRPL DeFi Adoption
Youri Molchan
Ripple CTO Speaks Out on Ripple’s Plans to Expand the Use of XRPL in Its Own Business to Bring the Benefits of DeFi to Users
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Ripple’s Chief Technical Officer (CTO) David Schwartz posted a blog post on the X platform to comment on the company’s recent announcement. Monica Long, President of Ripple in the company’s blog, which was then shared by Ripple on X.
Schwartz explained that Ripple is now focusing on integrating the technical and financial features of the XRP Ledger into its own business. This is being done, according to the Ripple CTOto enable its customers to enjoy the benefits of DeFi in a secure and compliant manner around the world. Ripple’s post talks about the company’s goal of becoming “the leading digital asset infrastructure provider for financial services by building the building blocks,” and it also explains how Ripple’s product strategy has evolved to do so.
Ripple opens new office in Geneva
Stating that the first major bet in the blockchain space for Ripple was cross-border payments, President Monica Long makes a little summary important milestones recently achieved by the company in this sector.
She cited the 2023 acquisition of digital asset custody technology provider Metaco, which works with the world’s largest banks including BBVA Switzerland and HSBC, as a major step toward making the future of blockchain payments a reality. Metaco will operate under the name Ripple Custody in the near future and plans to open a new office in Geneva soon. As a next step, Ripple intends to add its Liquidity Hub to its global payments solution.
Ripple’s stablecoin will help institutional DeFi
Monica Long also discussed Ripple’s recently announced plans to deploy its own USD-backed stablecoin, RLUSD, on the XRPL and Ethereum blockchains. Upon launch, RLUSD will be immediately integrated into the Ripple Payments solution alongside XRP to expand use cases in cross-border payments for institutional clients and meet their growing needs in this area.
Overall, Ripple’s plans include providing financial institutions with better ways to access and exit funds in cryptocurrencies and fiat currencies of their choice. Additionally, according to the blog post, the stablecoin will provide developers with new opportunities to build applications with new capabilities to create new use cases and attract more new users.
About the Author
Youri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many areas in the future. He has written for many crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.