Unveiling the Clear Dilemma Facing XRP Ledger in Its Role for Payments

: In a recent Twitter exchange, the Chief Technology Officer (CTO) of Ripple responded to a tweet by a user, Mr. Huber, seeking clarification on Ripple’s perceived lack of success in payments. This response comes in contrast to Ripple CEO Brad Garlinghouse’s optimistic remarks on payment growth at the World Economic Forum in Davos 2022.

CTO’s Response:

David Schwartz, acknowledging the potential misunderstanding in his previous statement, conceded that perhaps the right wording was not used. He emphasized that, in his view, XRPL was designed for payments and is excellent in that regard. However, Schwartz pointed out a critical dilemma facing XRP Ledger: adoption. He expressed dissatisfaction with the current level of adoption, stating, “I don’t think anyone is satisfied with the current adoption levels.”

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Recent Developments:

In the past year, Ripple announced significant expansion plans, with more anticipated in 2024. In December, XRP was added to the Central Bank of Ireland’s virtual asset service provider registry. Following registration, Ripple aims to provide services to clients throughout the European Economic Area once the Markets in Crypto Assets (MiCA) regulation comes into effect by the end of 2024, subject to obtaining relevant additional licenses.

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