Ripple and its subsidiaries have been making waves in the cryptocurrency world ever since it adopted the mindset of bettering the cross-border transactions ecosystem. The San Fransisco based organization has also made it a point to utilize its proprietary technologies to create a seamlessly integrated cryptocurrency platform.
In a recent interview with the Information Age, Ripple Chief Technology Officier David Schwartz spoke about the challenges in fintech as well as the impact it will have on future generations. Schwartz has played an instrumental role in elevating Ripple to what it is today, with an added focus on sustainability and growth.
During the interview, Schwartz spoke about how the COVID-19 pandemic had changed the way the world works with several traditional methods being rendered obsolete. He added that the payments crisis was further exacerbated by the lack of an effective payment infrastructure as made evident in developing nations. The Ripple official also pointed out the advantages that users can avail when they use RippleNet, specifically the native ODL. Schwartz reiterated:
“It’s more important than ever that we are able to support our customers – and their customers who are relying on being able to send money — to minimise the negative impact of the pandemic and lower the cost of remittance payments where possible.”
According to supporters of the cryptocurrency industry, one of the biggest concerns at the moment was about climate change and the effects current processes have on it. Ripple was one of the few companies going out of their way to lower emissions and that has been evident from their approach towards partnerships. Ripple has already partnered with the Energy Web Foundation, a tie-up that has resulted in the creation of EW Zero. EWZ is an open-source tool that is designed to help any blockchain decarbonize itself through the purchase of renewable energy.
Schwartz did not hold back his words when he said that mining cryptocurrencies like Bitcoin and Ethereum is one of the key reasons for the industry’s excessive energy consumption. Mining cryptocurrencies makes up a large chunk of the emissions generated within the industry and companies like Ripple have been suggesting alternatives for quite some time now. The Ripple CTO has urged other companies to take a closer look at growing problems and create their own solution matrix to tackle them.