Ripple’s CTO, David Schwartz, has in a recent interview with BlockDown TV, revealed that the company’s plan for the next 5-years is to expand into a wide range of services which include deploying its services to the decentralized finance sector (DeFi).
According to Schwartz, an expansion into the DeFi sector will enable financial services such as loans and investments on the Ripple network, as the major reason behind the proposed expansion is to transform RippleNet into an integrated platform that will offer financial services alongside fast and secure cross-border payments.
The CTO mentioned that the Ripple network has its unique way of doing things, has its software installed in the transaction flow of its institutional partners. This he said, would allow the network to develop a new product or services which will be immediately incorporated into the transaction of those institutions.
Growth in the Crypto Industry Relative to Ripple’s Success
When asked if there is any relationship between the growth in the crypto industry and Ripple’s success, Schwartz, likened the present state of the crypto industry with the genesis of the internet. He furthered that Ripple also do envy its competitors’ success and it serves as a motivation to develop strategies to actualize the Networks’ market target.
Several competitors in the Crypto industry are likely to copy project ideas executed by Ripple due to the fact that they are aspiring to be like it, Schwartz elucidated that the Ripple Blockchain is not only focused on developing and executing projects but equally focuses on building the market.
In the bid to build the market, Schwartz pointed out that Ripple has intensified its efforts to increase interoperability, an example of which includes the incorporation with Ethereum developers by Ripple’s investment arm, Xpring, earlier this year, to bridge the gap between XRP and ETH.
Schwartz added that Ripple, in 2019, had invested in Vega protocol in preparation for the launching of its native token XRP into the financial derivative market, an investment which was described by Ripple’s Director of Strategic Growth, Vanessa Pestritto, as part of the Company’s plan to boost DeFi development.