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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."Back when we couldn't do everything we wanted to do, we focused on what we thought we could do best.
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 collaborated on a global survey in 2023 that explored the current and futureThe 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.