David Schwartz, Ripple's Chief Technology Officer (CTO) and one of the XRP Ledger founders, has announced that he will reveal a significant new product at the upcoming Consensus2024 event. Organized annually by CoinDesk, Consensus is a major event in the cryptocurrency calendar.
Schwartz's speech will focus on Ripple's vision and roadmap for institutional decentralized finance (DeFi) on the XRP Ledger. He will share the stage with Phil Kwok, a co-founder of the EasyA app, to discuss this innovative direction for Ripple.
Ripple Labs Explores Institutional DeFi: Multichain Interoperability, EVM Programmability, and Asset Tokenization
Ripple Labs has stated that Schwartz and Kwok will cover topics such as multichain interoperability, EVM programmability, and real-world asset (RWA) tokenization. These areas are crucial for the development and integration of institutional DeFi, which aims to combine the innovative aspects of DeFi with the stability and security of traditional finance.
Institutional DeFi represents the next phase of DeFi, designed specifically for financial institutions. According to a report by J.P. Morgan, this approach has the potential for significant growth and transformative impact on the financial sector.
DeFi typically allows users to stake or lend their cryptocurrency to others in return for regular profits. Institutional DeFi aims to bring these benefits to larger financial entities, enhancing the robustness and efficiency of financial services.
Schwartz Reveals XRP Holdings: Promoting Transparency in the Crypto Community
In a previous tweet, Schwartz clarified the extent of his cryptocurrency holdings. He revealed that he once held approximately 26 million XRP and has never sold XRP to buy other cryptocurrencies, aside from occasional unusual purposes. This transparency helps dispel rumors and speculation within the crypto community.
At Consensus2024, Ripple CTO David Schwartz is set to unveil Ripple's plans for institutional DeFi on the XRP Ledger, highlighting multichain interoperability and RWA tokenization. This initiative aims to blend the innovations of DeFi with the stability of traditional finance, promising significant growth and transformation in the financial industry.