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24 February 2024
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Competition for Etheruem: Ripple plans expansion in DeFi sector

  • Ripple’s CTO, David Schwartz, reveals the company’s plans to expand its services to the decentralized finance sector (DeFi).
  • Ripple could offer DeFi services to its institutional partners through RippleNet.

In an interview for BlockDown TV, David Schwartz, Ripple’s CTO, revealed plans to enter the DeFi sector. Schwartz said Ripple’s plans for the next 5 years include expanding a wide range of services, maybe also DeFi related services.

RippleNet will become an integral platform with multiple services

Therefore, an expansion into the DeFi sector would allow Ripple to offer loans, investments, among other financial services. The aim is to make RippleNet an integral platform that, in addition to secure, fast and cross-border payments, can offer the above services. Schwartz stated the following:

We’re also looking into offering other services through RippleNet – things like loans, or maybe even if DeFi grows, offering DeFi services to institutional partners.

One of the unique things that Ripple has is we have our software in the transaction flow of all these financial institutions and banks, so we can develop some new product or services, or even something that comes from the DeFi space, and we can offer it immediately right into the transaction flow of those institutions.

Ripple’s CTO also spoke about the importance of growth in the crypto industry to Ripple’s success. Schwartz compared the current state of the crypto industry to the beginnings of the Internet. In that regard, he said that the payment solutions company also aspires to the success of its competitors because this leads to the construction and growth of Ripple’s target market. Ripple’s CTO said:

We are in a dance to make the industry grow. So there will be a group of people who will use the products we are building. Not only do we have to build the products and services but we have to build the market (for consumers).

This is supported by Ripple’s efforts to increase its interoperability capabilities. In February, Ripple’s investment arm, Xpring, announced that it would combine efforts with Ethereum developers to build a bridge between XRP and ETH. In addition, last year Ripple invested in the Vega protocol to prepare the introduction of the token XRP in the financial derivatives market. The investment, as stated by Ripple’s Director of Strategic Growth, Vanessa Pestritto, is part of the company’s goal to increase the development of Decentralized Finance.

Below you can watch the full interview with Ripple’s CTO, David Schwartz:

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