He made this revelation while in a conversation with a BlockDown TV correspondent. In the course of the discussion, Ripple CTO stated that the payment firm plans to bring in new services such as decentralized finance (DeFi) for its customers across the world.
How Decentralized Finance (DeFi) Would Impact Financial Services
Going by David Schwartz’s account, Ripple’s expansion into DeFi sector will introduce various financial services such as loans, investments, and lots more on the Ripple Network. Also, he stated that one of the notable reasons for the expansion is to rebrand the payment technology, RippleNet, to offer financial services for fast, trusted, and secure cross-border payments.
According to Schwartz, Ripple already has a designated software installed in the transaction system of its institutional customers, which makes it easy to integrate its new products and services into the operations of its list of institutional customers.
Ripple’s Advancement Compared to the Growth in Crypto Industry
In the course of the interview, Schwartz was asked about the correlation between Ripple’s Advancement and the growth of the cryptocurrency ecosystem. In response, he pointed out that the rise of the cryptocurrency industry can be compared to the state of the internet when it was first introduced.
He further stressed that Ripple observes its competitors’ growth and development to come out with new innovations that would boost its chances for success. He added that the focus of the blockchain payment firm is majorly on building the market, rather than development and execution of projects.
Furthermore, in the quest to bridge the gap between the digital token XRP and other crypto projects, Schwartz said Ripple is keeping up its efforts to substantiate interoperability.
In conclusion, David Schwartz stated that the cross-border payment firm invested in Vega protocol in 2019, as it prepares to release the digital currency XRP into the financial derivative market.