Key Takeaways
- Ripple’s CTO steps down from day to day operations but will be on the project’s board of directors and serve as the CTO Emeritus.
- Schwartz helped code the XRP Ledger, but wanted more time with family and to get back into personal coding and projects.
- This is indicative of a new chapter for Ripple, moving past its major SEC lawsuit and transitioning its leadership to the next generation with confidence.
Table of Contents
A Founding Architect Moves On
In a notable change for one of crypto’s longest-serving executives, Ripple’s CTO steps down from operations on a daily basis. David Schwartz, a founding engineer and developer of the XRP Ledger who has been with Ripple for more than 13 years, announced that he’ll transition out of the executive role by next December. This marks the end of an era for the company because Schwartz has been a technical leader during the entire arc of Ripple’s growth and the lengthy legal challenge with the U.S. Securities and Exchange Commission.
From Executive to Advisor and Builder
The Ripple’s CTO Steps Down from this position is a personal decision by Schwartz, wishing to dedicate more time to his family and go back to the pure joy of building. Schwartz was excited about his own XRPL node, publishing data, and developing new uses for XRP outside of payments, which Ripple exclusively does. Importantly, Schwartz is not leaving the ecosystem. He is not “disappearing”. He would be actively engaged in Ripple’s Board of Directors and is also appointed CTO Emeritus, preserving his vast institutional knowledge.
Read also: New mXRP Liquid Staking Token Launches, Offering XRP Holders Up to 8% Yield
A Positive Transfer and a New Phase
This transition illustrates a maturing company assuredly handing the technical leadership to the next generation of leaders, including Senior Vice President (SVP) of Engineering Dennis Jarosch. The fact that Ripple’s CTO steps down at this time, just a few months after the exhausting SEC lawsuit has finished, seems meaningful. It closes the chapter on a contentious period and opens a new one for Ripple, with the founding technologist transitioning to a strategic advisory role to help oversee Ripple’s long-term vision from the boardroom.
For more Ripple stories, read: Ripple’s Permissioned DEX Goes Live: Can XRPL Crack Institutional DeFi?
