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Ripple's CTO David Schwartz Steps Back as Competition Heats Up

Ripple's CTO steps back as competition grows. Will Dennis Jarosch steer the company through challenging times?

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Ripple's CTO David Schwartz Steps Back as Competition Heats Up

Ripple has announced a significant leadership change. David Schwartz, the company's Chief Technology Officer, is stepping back from his day-to-day role. Dennis Jarosch, currently serving as Senior Vice President of Engineering, will take the reins of the company's daily operations.

Schwartz's decision comes amidst increasing competition for Ripple, with SWIFT, a major player in cross-border payments, partnering with ConsenSys to develop a blockchain-based ledger. ConsenSys, headed by Joe Lubin, is creating the initial prototype for this real-time cross-border payment system, which involves over 30 financial institutions.

Schwartz, who has been instrumental in shaping the XRP Ledger's design, including its native decentralized exchange (DEX), will continue to be involved with Ripple. He will join the company's board and remain active in the XRPL community.

David Schwartz's move from his operational role at Ripple signals a shift in the company's leadership. Dennis Jarosch will now oversee the company's day-to-day operations. Meanwhile, Schwartz will continue to contribute to Ripple's growth in a strategic capacity, as the company navigates increasing competition in the blockchain and cross-border payment sectors.

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