Ripple CTO: We Focus on Banks, We Want to Transfer Billions of USD Right Now

A video shared by the cryptocurrency influencer Lord XRP (@Bitforcoinz) has drawn attention to the comments of Ripple's Chief Technology Officer David Schwartz regarding the company's dealings with traditional banks. In the video, Schwartz claims that banks are "very slow movers" and explains Ripple's growing frustration with their limited willingness to innovate. The post emphasizes Ripple's ambition to reshape cross-border finance and highlights the limitations observed when working with established financial institutions. The limitations of banking partnerships Schwartz describes banks as reluctant and conservative players in the fintech space. He states, "It's interesting when you strike a deal with a bank, you know, and sometimes we do, but they are very slow to act." He explains that while partnerships with banks were initially a strategic focus for Ripple, the actual outcomes do not always align with the company's long-term goals. According to Schwartz, one of the main challenges when working with banks is their hesitation to innovate. "They are very slow to implement, they are very conservative. They will never be the success stories of Ripple," he said. He noted that banks often refuse to transfer the technological benefits to their customers due to the exposure of their internal inefficiencies, as XRP often eliminates unnecessary friction from traditional systems. Recently, the community has called for Ripple and XRP to take over the role of SWIFT as it addresses the issues of the old system. However, collaborating with Ripple would be an acknowledgment of SWIFT's inefficiency. Ripple shifts its focus to scalable adoption Schwartz emphasized that although Ripple had previously prioritized bank-related announcements for public relations purposes, the company has shifted its focus. "We initially focused a lot on banks just because a press release with a bank is a big deal," he acknowledged. However, he pointed out that Ripple's priorities have changed. "Now we’re kind of like, hey, like, we want to, like, move billions of dollars right now, and they’re kind of like, yeah, we don’t want to." His comments emphasize Ripple's increasing focus on real-world adoption and scalability rather than symbolic partnerships. Schwartz believes that while banks can serve as a means to enhance visibility, they are not always the most effective channel to achieve Ripple's broader goals. Vision for XRP Schwartz's statement highlights Ripple's long-term vision for the XRP ecosystem. His focus on scalability, inefficiencies in traditional systems, and the need for partners willing to implement reinforces the company's core direction and its desire to transfer billions of dollars using XRP. Banks are still working with Ripple, as recent reports show that banks worldwide are building on the XRP Ledger. However, Ripple's approach allows for purposeful partnerships and enhances the adoption of XRP for practical utility.