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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Ripple XRP David Schwartz

Ripple CTO Explores XRP Impact In Context Of Forgoing IPO

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent conversation on X, David “JoelKatz” Schwartz, the Chief Technology Officer of Ripple, delved into the intricate dynamics between XRP and the company’s decision to move away from a traditional Initial Public Offering (IPO). This discussion offers a deep dive into the strategic choices and financial nuances.

Ripple Is Like Amazon

Schwartz, who is known for his straightforward nature and open communication with the XRP community, initiated a thought-provoking dialogue about corporate governance in the context of the drama around OpenAI and Sam Altman.

He questioned the effectiveness of traditional corporate structures in big tech companies, remarking, “I was just thinking, maybe a board that’s not accountable to investors and leaving the CEO and employees out of the upside isn’t such a great way to run a multibillion-dollar tech company.”

This statement sparked a debate with Blockchain Maverick, a participant in the discussion, who argued that XRP holders should be regarded as investors in Ripple, given that a significant portion of the company’s operational funding comes from the sale of XRP tokens. Maverick’s stance mirrors a broader discussion within the crypto community as well as the SEC’s arguments in the legal battle.

In a compelling response, Schwartz compared his company with Amazon’s business model. He explained, “Most of the cash that fuels Amazon’s biz operations comes from people who use their site to buy things from other people. Does that make them investors in Amazon?”

Schwartz Thoughts Why There Hasn’t Been An IPO Yet

Further exploring the financial trajectory of the company, Schwartz shed light on his personal stance and initial expectations regarding Ripple’s path to profitability. He disclosed, “My intention and belief were always that the way this would make money was for Ripple to IPO. That’s one of the reasons I didn’t take XRP but instead focused on Ripple stock for compensation.”

Related Reading: Ripple And SEC To Navigate Legal Matters In Upcoming Closed Meeting

This revelation offers a rare insight into internal strategies and financial thinking at its highest levels. Notably, Schwartz admitted last July that taking Ripple shares instead of XRP was a “pretty big mistake, a number that was thrown around was 500 million XRP.” While Chris Larsen and Brad Garlinghouse took XRP, Schwartz speculated on an IPO.

Without mentioning the SEC lawsuit directly, Schwartz acknowledged the unforeseen developments that led the fintech company away from pursuing an IPO. He reflected, “The trajectory that took Ripple away from an IPO was completely unexpected, at least to me. Had Ripple been formed almost anywhere else in the world, it’d likely be a public company today.”

Related Reading: Ripple Vs. SEC Update: Pro-XRP Lawyer Reveals The Next Major Dates To Watch

Blockchain Maverick raised concerns about investor protection and the implications of the company ‘creating’ a token instead of an IPO. “And had Ripple IPO’d vs created a token, we would be investors and we would be protected from systemic dumping, right? This is why the analogy of people buying from Amazon bothers me,” the community member noted.

Schwartz responded with a nuanced view, stating, “It’s hard to answer because the answer depends a lot on what alternative history you create to compare Ripple to. The company that became Ripple was created to distribute XRP to the world.”

At press time, XRP traded at $0.5941.

XRP price
XRP price rejected at 0.382 Fib, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from securities.io, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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