Ripple CTO to Reveal Ripple's Crucial Upcoming Product at Consensus2024

David Schwartz, Ripple's chief technology officer (CTO) and one of the XRP Ledger founders, has taken to his official account on the X platform to make an announcement about his appearance at the approaching Consensus2024 event organized by CoinDesk annually and the subject he intends to discuss on stage.

Here's which Ripple product Schwartz plans to discuss

In his tweet, Schwartz teased that in his speech during the above-mentioned crypto event, he intends to unveil Ripple's vision and roadmap for institutional DeFi on XRP Ledger. He did not share any more details but only mentioned that he will be discussing this topic together with Phil Kwok, a cofounder of the EasyA app.

A recent tweet published by Ripple Labs also announces their talk, stating that these two respectable gentlemen will be discussing “multichain interoperability, EVM programmability, RWA tokenization, and more.”

“Institutional DeFi” is the next iteration of decentralized finance (DeFi) aimed, as is clear from the title, at financial institutions – it brings together innovations of average DeFi protocols and the stability and safeguards of the traditional finance industry. It has “the potential for growth and transformative impact,” as stated in a report by J.P. Morgan. J.P. Morgan is the banking giant that offers its customers cryptocurrency exposure even while its chief executive Jamie Dimon remains one of the strongest long-term Bitcoin critics.

DeFi mainly offers users to stake their crypto or lend them to other users/enterprises in exchange for regular profits on their cryptocurrencies locked in a DeFi contract.

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Here's how much XRP Ripple CTO holds

As reported by U.Today earlier, David Schwartz put an end to various speculations among the X crypto community as to the size of his crypto holdings and as to what his crypto portfolio consists of.

The Ripple CTO tweeted that, at his peak holding, he possessed approximately 26 million XRP. He confessed that he sold Bitcoin to buy more XRP and also Ethereum. However, Schwartz patriotically stated that he has never sold any XRP to buy any other crypto, except perhaps selling it for “some unusual purposes.”

Thus, his tweet put an end to the community speculating on whether he had sold any XRP. Large crypto sales made by prominent crypto influencers sometimes impact the market.