David Schwartz appeared at the CB Insights’ Future Of Fintech Conference on June 12th to discuss the state of crypto toady and what the future has in store. David also discusses how cross-border payments will fit into the world of cryptocurrency and blockchain.
David Schwartz outlined his ideas and views about how digital assets and blockchain technology are trying to make payments efficient by getting rid of traditional systems and intermediaries.
“Part of the problem is that payments systems are not capable of instantaneous settlement…payments companies are much more aggressive than banks… Ripple is working on getting enterprise customers together to negotiate together, circumventing SWIFT and traditional systems,” he said.
David also expressed his opinion on StableCoins and how they would play a role in digital money:
“If the vision is an internet of money, collateralized stablecoins will be a part of that vision,” he says. Further, Schwartz added, “I would say one of the biggest problems in making digital assets is this fear of governments turning around and saying this isn’t legal.”
Schwartz even commented on regulatory uncertainty revolving around digital assets:
“I would say one of the biggest problems to making digital assets is this fear of governments turning around and saying this isn’t legal… The jury is still out on the decentralized finance space. There’s a real shortage of actual use-cases. Payments we all know needs to be better, that’s really concrete. But the further away you get from that, the more speculative it gets.”
In the end, we all know what Ripple is set out to achieve and its good to see that they haven’t lost focus.