Ripple CTO David Schwartz stated that the firm will enter the DeFi space.
In an interview with BlockDown TV , David Schwartz, CTO of blockchain-based payment company Ripple , explained the company’s plans to implement over the next 5 years. XRP, the fourth largest cryptocurrency by total market cap, is known to have lost blood for almost two years.
One of the reasons for this drop in XRP price is the stagnation in Ripple’s business model. Ripple is suppressing the price due to both the stagnation in the business model and the sporadic XRP sales. One step in the 5-year plan stated by Ripple manager David Schwartz could change everything for XRP.
Schwartz stated that Ripple will soon enter DeFi , the decentralized finance sector. Stating that they will go to the DeFi sector to provide XRP-based lending or to provide financing in the Ripple network, the senior executive thinks this will change RippleNet.
Ripple Could Bring Up XRP This Time
The DeFi industry was booming in 2020, and Ripple’s plan is to support it with its own business models. Aiming to implement the blockchain-based lending or borrowing method for cross-border transactions, Ripple may have definitely found an important method.
If Ripple can motivate more than 300 institutional members in its network towards this plan and use XRP on the platform, it can be said that XRP may be one of the cryptocurrencies that this time eats the bread of the DeFi sector.