David Schwartz Steps Down as ripple CTO, Focuses on XRPL Projects
David Schwartz, a key figure at Ripple, is stepping down from his role as Chief Technology Officer. though,he will remain on the board and continue to contribute to XRPL projects. This move comes as Ripple faces new competition from SWIFT, wich has partnered wiht consensys to create a blockchain ledger for cross-border payments.
David schwartz announced his decision on X, stating that he will take an emeritus role on RippleS board by the end of the year. He plans to spend more time with family and pursue personal interests. despite stepping back from daily duties, Schwartz will stay active in the XRPL community, running self-reliant experiments and coding.
during his tenure, Schwartz played a crucial role in shaping the XRP Ledger. He helped design features like transaction costs, confirmation times, and a built-in decentralized exchange. These elements have been central to Ripple’s appeal to banks and payment firms.
However, Ripple now faces competition from SWIFT’s new blockchain ledger. This initiative, involving over 30 global financial institutions, aims to facilitate transactions using tokenized products like stablecoins. It leverages blockchain capabilities such as smart contracts and transaction validation.
As Ripple adapts to this new landscape, Dennis Jarosch, senior VP of engineering, will take over day-to-day operations. Ripple CEO Brad Garlinghouse expressed confidence in Schwartz’s continued guidance on the board.
