David Schwartz, a prominent figure in the cryptocurrency industry for his role in Ripple Labs, announced plans to “retreat from (his) daily duty” to the blockchain company.
In a post of Tuesday X, Schwartz, known for being one of the XRP Ledger architects, Says He will return his responsibilities to Ripple after more than 13 years in the company. The Ripple Chief Technology Officer joined the company in 2011 as a cryptography, who moved to become the chief technology official in 2018.
“Time has come for me to retreat from my daily duties as Ripple CTO at the end of this year,” Schwartz told X. “I really hope to spend more time with children and grandparents and go back to hobbies you have never seen. But I will warn, I will not go away from the XRP community.
According to Schwartz, he will remain in Ripple as Chief Technology Officer Emeritus – referring to an honorary title – and joining the board of company directors. CEO Brad Garlinhouse Says In X that Schwartz was a “real OG in crypto,” the move was praised.
In a statement to Cointelegraph, a Ripple spokesman said the senior vice president of Engineering, Dennis Jarosch, would lead the team.
Related: Ripple’s Schwartz defends low volume XRPL, says banks to settle offchain
Data from Blockchain Analytics platform nansen shown that is the price of XRP advanced about 1.4% to $ 2.87 from $ 2.83 in hours following Schwartz’s announcement. The token reached a full time high price of over $ 3.50 in July.
Ripple is a major player in the US and around the world
As the fourth largest token by market capitalization of nearly $ 172 billion, the XRP has its own group of supporters known to many as “XRP Army.” Ripple, as a company behind the XRP Ledger, has also grown in size and influence over the years.
https://www.youtube.com/watch?v=o08M3WKEHFS
Ripple, along with the Cryptocurrency Exchange Coinbase, is one of the most significant contributing to a US (PAC) political action committee called fairshake that could influence the outcome of many 2024 elections by buying media. Together -sa, the company Ddonated about $ 70 million at the PAC for the election of 2024 and 2026 midterms.
GARLINGHOUSE said in a 60 -minute interview That year he was “unsure that Fairshake exists” is the US Securities and Exchange Commission (SEC) not pursuing an implementation case against Ripple.
SEC case, filed under chairman Jay Clayton in December 2020, ended in March after The regulator Dropped an important appeal.
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