Ripple’s Chief Technology Officer (CTO) David Schwartz has pitched the merits of the XRP Ledger (XRPL) to behemoth asset manager Franklin Templeton even as traditional finance giants increasingly pivot towards the crypto space.
Schwartz’s endorsement of the XRP Ledger came in response to recent posts by Franklin Templeton that shed light on its interest in the evolving ecosystems of Ethereum and Solana, leading to speculation about potential investments in these networks.
Notably, in a Wednesday tweet, the asset manager expressed openness to exploring other layer-1 blockchain networks, tweeting, “Other L1s outside of BTC, ETH, SOL have massive potential, and we are continuing to support, monitor, and develop on these networks as they grow and mature.”
In response to the post earlier on Thursday, Schwartz emphasized the capabilities of the XRP Ledger. Schwartz, one of the original architects of the XRPL, highlighted its reliability and stability, particularly in handling millions of transactions efficiently for over a decade. He further emphasized XRPL’s strengths in tokenization and the exchange of real-world and crypto assets.
Introduced in 2012 by Ripple founder Chris Larsen, the XRPL offers a sustainable and efficient alternative to Bitcoin, providing swift, low-cost, and real-time transfers for digital assets and fiat currencies. Notably, the ledger recently set a new daily transaction record, processing 6.8 million transactions on December 30, 2023, surpassing the previous high in November 2021. This surge underscores the growing adoption and utility of the XRPL, making it an appealing choice for cross-border payments.
Notably, this isn’t the first instance where Franklin Templeton has signalled its interest in exploring innovative avenues within the blockchain space. Last October the global investment firm underscored the growing preference for public blockchains, with CEO Jenny Johnson emphasising the firm’s unwavering commitment to invest in public blockchains and Web 3.0 after the recent approval of multiple spot BTC ETFs.
That said, Schwartz’s remarks have garnered support from the broader XRP community, which is actively pushing for the introduction of a spot XRP ETF. With legal clarity surrounding XRP and its established role in the blockchain ecosystem, proponents see it as a strong contender for inclusion in investment portfolios.
The move is seen as bullish for the XRP Ledger, potentially boosting its utility and further driving demand for XRP.