David Schwartz Says Ripple “Almost Had to Hide” XRP Use Before Institutions Wanted Blockchain Strategies

Ripple CTO Emeritus David Schwartz has revealed that the company initially had to make XRP payments almost invisible to customers because banks and financial institutions were hesitant to adopt blockchain technology.

He shared this while speaking to Thinking Crypto host Tony Edward at Evernorth’s Nasdaq listing event. 

“At first, we almost had to hide it,” Schwartz said, referring to how Ripple introduced XRP into payment flows to some customers.

Ripple Made XRP Payments Seamless for Customers

Schwartz explained that Ripple initially focused on making blockchain-based payments work in the background, allowing customers to complete transactions without needing to understand the underlying technology.

“You just make the payment,” he said, describing the approach. “Something is happening in the background. Don’t worry.”

According to Schwartz, this approach helped Ripple integrate XRP into payment flows without forcing users to interact directly with blockchain infrastructure.

However, he said the situation has changed, with institutions increasingly interested in adopting blockchain technology and developing strategies around it.

“Now, like, everybody wants a blockchain strategy, and they’re interested in deploying those technologies,” Schwartz added.

His comments highlight how institutional attitudes toward blockchain have shifted from earlier reluctance to interest in incorporating the technology into financial services.

Coinbase’s Public Listing Changed How Institutions Viewed Crypto

Meanwhile, Schwartz said Coinbase’s public listing helped traditional financial institutions take the crypto industry more seriously. He explained that many traditional investors had questioned whether crypto trading volumes and valuations were real amid concerns about market manipulation.

However, Coinbase’s listing allowed investors to track the company’s value as a publicly traded business. According to Schwartz, this helped change perceptions and showed that crypto companies could make money while solving real problems.

He made these comments at Evernorth’s Nasdaq debut, which he described as an important step in connecting crypto with traditional finance.

Schwartz Explains Why XRP Ledger Is Useful for Finance

Beyond institutional adoption, Schwartz said the XRP Ledger is well suited for financial services because it offers fast transactions, low fees, reliability and decentralization. He highlighted its focus on financial services such as tokenizing real-world assets, lending, stablecoins, and payments.

Schwartz said the XRP Ledger sits between Bitcoin, which has more limited uses, and networks like Ethereum and Solana, which support a wider range of applications. He believes its focus on finance makes it a good option for institutions that need reliable technology.

Looking ahead, Schwartz said tokenization is growing and regulatory barriers are easing. This creates opportunities for new decentralized finance products for everyday users.

He added that the long-term goal is for people to use blockchain-based financial services without needing to know which network handles their money.