- David Schwartz steps down from daily duties as CTO of Ripple.
- Schwartz has been involved with the XRP Ledger project since 2011.
- He sold much of his personal XRP holdings at $0.10 per token, missing significant gains since then.
- At today’s price of $2.80, 26 million XRP would be valued at around $72 million.
- Schwartz will remain connected to Ripple as CTO Emeritus and a board member.
David Schwartz, known within the crypto community as “Joel Katz,” announced on June 1st that he is retiring from his day-to-day role as Chief Technology Officer at Ripple. Schwartz stated his decision was motivated by a desire to spend more time with his family, after more than 13 years at the company.
Schwartz has worked on the XRP Ledger since 2011, one year before its first completed transaction. According to statements he made on social media, he previously agreed with his wife to sell most of his XRP holdings at $0.10 per token to reduce financial risk. At its peak yesterday, XRP traded near $2.80, reflecting a 2,800% increase from his selling price and a 100,000% rise from its all-time low of $0.0028.
Schwartz claimed he never held more than 26 million XRP. At current market value, that amount of XRP would be worth over $72 million. The exact amount he currently holds is unknown. As Schwartz posted, “I made an agreement to de-risk my finances, so I sold most of my personal XRP at $0.10.”
Although stepping away from operational duties, Schwartz will continue as CTO Emeritus and serve on Ripple’s board of directors. He also noted he will run an XRP Ledger node and continue researching new blockchain use cases beyond those developed by Ripple.
The announcement follows news that SWIFT, the world’s largest interbank messaging system, selected an XRPL competitor for blockchain-based messaging pilot, disappointing many XRP supporters hoping for adoption by the network. Schwartz did not address these recent industry developments in his resignation message, instead expressing gratitude to Ripple’s co-founders and the project’s supporters.
For more details on the XRP Ledger and its market activity, current data can be found on CoinMarketCap. Schwartz’s original resignation note is available on X.
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