Technology

Ripple CTO David Schwartz: We need bridges to banks to attain mass adoption

The cryptocurrency industry has been abuzz with chatter from many famous personalities in the space. On the 10th anniversary of the Bitcoin [BTC] genesis block on January 3, Brian Armstrong, the CEO of Coinbase had given his remarks on the event, a discussion backed up by David Schwartz, the Chief Technology Officer of Ripple, as well as other proponents of XRP.

Armstrong had tweeted:

“Bitcoin is one of the most important inventions of all time and has launched a global movement. It’s awesome to see an entire ecosystem spring up around it, but Bitcoin is my first love.”

The discussion was fueled by many opinions from others in the space with David Schwarz stating:

“Banks are where the value is today. We need bridges to where today’s value is if we’re going to get mass adoption. The Internet got most of its early growth from the military and existing centralized information services for much the same reason.”

Schwartz’s comments come in the wake of Ripple’s partnership with multiple banks in the financial sector, and some reports suggesting that the cryptocurrency company has been creating tie-ups at the rate of one bank per week. A user on the thread also had a query if Ripple needed the price of XRP to rise or whether the difference does not make any difference to Ripple’s ambitions. As a reply, a report stated:

“When bitcoins sold for $1, you couldn’t really use them to buy or sell a house. You can now. Bigger transactions require a bigger value. The higher the price of XRP, the larger the payments Ripple can target.”

Other than the positive comments about XRP, there were many attacks too, with some users calling XRP a ‘cute little fiat token’.

“XRP was also in the news recently when the TRX/XRP pair was launched on Bitrue, a Taiwanese cryptocurrency exchange. Bitrue has also said that they will be announcing the remaining four pairs by the end of this week.”

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