u.today
Fintech giant Ripple has emerged as a key player on the dynamic landscape of digital finance, particularly in the realm of blockchain-based payment solutions.
In a recent response to tweets, Ripple CTO David Schwartz explained the company's sharpened focus on business payments, indicating a key strategic move.
It all started with a conversation on X/Twitter about the upcoming Ripple stablecoin and its implications for the XRP utility. An X user claimed that Ripple did not devote many resources to marketing the XRPL's capabilities and expanding its usage but rather built its proprietary software for payments.
Schwartz explained why, stating that due to resource constraints at the time, Ripple had to focus its efforts on what it thought it could do best: enterprise adoption of blockchain for payments.
It's true. Back when we couldn't do everything we wanted to do, we focused on what we thought we could do best. We figured that enterprise adoption of blockchain for payments would not happen unless someone focused on it.
— David "JoelKatz" Schwartz (@JoelKatz) April 25, 2024
"Back when we couldn't do everything we wanted to do, we focused on what we thought we could do best. We figured that enterprise adoption of blockchain for payments would not happen unless someone focused on it," Schwartz responded.
The recent revelation by the Ripple CTO underscores a deliberate pivot toward optimizing business payment systems. This focus is not just about expanding Ripple's market share but also about enhancing the efficiency of corporate transactions globally.
Ripple's decision to target business payments seems rooted in a clear understanding of the benefits blockchain technology can bring to the sector.
Ripple and the US Faster Payments Council (FPC) collaborated on a global survey in 2023 that explored the current and future adoption of blockchain payment systems to further assess what is happening now and next in the industry.
The survey proved that leaders were bullish on blockchain and cryptocurrency technology for faster payments, and believed in the potential of blockchain payment processing. Respondents also expressed strong preferences for cross-border payment use cases that reduce friction, risk and costs. Sentiment around blockchain technology and sustainability also remains strong among payments leaders.