- Ripple Labs CTO said the company wasn’t dishonest about its plans for XRP.
- Schwartz clarified that remittances and low-value but high-volume transactions are its major focus for XRP.
- XRP community members have called out the company for hindering the token’s utility.
Ripple Labs chief technology officer, David Schwartz, said the company had not been dishonest about its plans for its native token, XRP. Schwartz made this statement in an extended debate with a pro-Bitcoin user on X (formerly Twitter).
According to the CTO, Ripple’s intended use for XRP had been for low-value, high-volume transactions alongside international remittances. Schwartz made this revelation after the user queried XRP’s ability to execute multiple large transactions.
The user alleged that Schwartz’s statements conflicted with what the company has been telling its community members, implying some form of dishonesty on the company’s part. However, Schwartz countered that the company had always been clear about its plans for XRP.
“It’s payments like Uber makes to drivers, remittances, and other low-value, high-volume use cases that are the low-hanging fruit for crypto,” he stated. He added that these types of transactions would be the company’s target for using XRP to bridge cross-currency payments.
Since the July court decision that provided legal clarity on XRP’s securities status, the token’s community members have accused the company of delaying its utility. The concerns were further heightened following XRP’s exclusion from Ripple’s recently launched liquidity pool.
Meanwhile, XRP’s price has seen increased momentum recently following volatile performances across the week. According to data from CoinMarketCap, the token has gained 1.11% in the past 24 hours.
Likewise, its trade volume increased in the same period, registering 7.84%. At present, the token has a total market cap of $26.6 billion, making it the fifth largest cryptocurrency network in the world.
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