Ripple’s Plans to Expand Beyond Payments
In a recent interview, Ripple’s Chief Technology Officer (CTO), David Schwartz, discussed the company’s plans to expand beyond its current focus on payments into a wider range of use cases. This pivot comes as the cryptocurrency industry continues to evolve and Ripple strives to innovate within it.
Ripple Remains Committed to Payments
Schwartz expressed his confusion over the underutilization of digital assets in the payment sector. He highlighted the inefficiencies of major cryptocurrencies like Bitcoin and Ethereum and noted that even more efficient blockchains haven’t gained significant traction in payments. Ripple has been dedicated to promoting the use of digital assets in payments since 2015, but widespread adoption has been elusive.
We’re big believers in payments. We’re not going to stop. That’s not going to happen. However, these other use cases are extremely important.
Schwartz emphasized that Ripple will continue to focus on payments while exploring other use cases.
XRP’s Price Doesn’t Affect Utility in Payments
Schwartz addressed concerns about XRP’s price affecting its utility in payments. He clarified that whether XRP is cheap or expensive, its liquidity allows for smooth transactions. The market price doesn’t hinder its ability to be used for payments.
Potential New Use Cases
Ripple is looking towards diversification and is interested in real-world asset tokenization. The company aims to develop a multi-chain ecosystem with smart contract capabilities and enhanced throughput. They are working on introducing an EVM-compatible chain to bridge the current gap in their ecosystem for smart contracts.
The next big bet for us is probably a multi-chain ecosystem, starting with the EVM compatible chain. Having an industry-standard smart contract solution will make it easier to hire people to build.
Expansion into Metaverse and NFTs
Ripple, with its increased resources and technology, is poised to explore other use cases such as Metaverse and NFTs. Schwartz mentioned that while he is not sold on VR use cases yet, AI is definitely something they are considering. He acknowledged the challenge of timing in these ventures based on Ripple’s experiences with NFTs and CBDCs.
Hot Take: Ripple’s Shift Towards Diversification
Ripple’s Chief Technology Officer, David Schwartz, discussed the company’s plans to expand beyond payments and focus on a wider range of use cases. Despite the underutilization of digital assets in the payment sector, Ripple remains committed to promoting their use. They are exploring real-world asset tokenization and developing a multi-chain ecosystem with smart contract capabilities. With increased resources, Ripple is also looking into Metaverse and NFT use cases. However, timing has been a challenge for Ripple in the past, and they aim to learn from their experiences with NFTs and CBDCs. Overall, Ripple’s shift towards diversification reflects their commitment to innovation in the evolving cryptocurrency industry.
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