Ripple (XRP) has released a new announcement this Wednesday in which it stated that it hired Kahina Van Dyke as its new Senior VP of business and corporate development. Van Dyke has previously been known as a director for global payments at Facebook, as well as a veteran of the banking industry.
Ripple makes new hirings
Ripple (XRP) is the third biggest crypto according to market cap these days, and the company behind it has just hired a banking expert as its new Senior VP. Kahina Van Dyke, who also worked as Facebook’s payment executive, has just joined Ripple as business and corporate development’s Senior Vice President.
The announcement came on Wednesday, July 11, together with another statement that said that David Schwartz, a known cryptographer, will become the company’s new CTO.
The new hirings came in the middle of Ripple’s new campaign to persuade the financial industry that XRP is just what they need for an improvement of cross-border payments. This is exactly where Van Dyke will get the opportunity to shine since her responsibilities will include coming up with strategic partnerships and focusing on the solutions for international payments.
According to her own statement, Van Dyke has started working for Ripple in order to eliminate the friction when it comes to international payments, and she plans to do this by applying Ripple’s tech to change the entire industry. She also stated that the most challenging problem with payments right now is the outdated technology. The current system is nearly 40 years old, and it cannot meet the modern needs.
International payments systems in need of improvement
These days, the cross-border payments often need days to be processed, and at large fees, as well. While this was a cutting-edge technology some 30 years ago, it is no longer good enough. The modern culture is a fast-moving one, and the banks will have to open up to new technologies in order to stay capable of providing their customers with what they need.
To do this, the banks will have to change their attitude toward cryptos, which is something that they seem reluctant to do. As a result, the improvement of cross-border transaction systems has been very slow, while the modern culture continues to speed up. Right now, the financial industry is slowly but surely getting more an more familiar with these technologies, but they still hesitate to use cryptos in everyday operations.
As for Ripple, the company claims that XRP can serve as a liquidity source, which would eliminate the obligation of the financial institutions to maintain capital when it comes to foreign reserve accounts. However, the recent statement by the Western Union claims that their XRP experiments did not result in any major savings. Ripple has responded to this, saying that their experiments were simply too small for the change to be apparent.
The addition of Van Dyke comes at the perfect time, considering her 20 years of experience when it comes to fintech and banking. Van Dyke held some pretty impressive positions at Facebook, as well as Mastercard. She has experience in creating new financial services and payment solutions and has even managed various partnerships while at Facebook. Those include major companies like PayPal, Western Union, Citibank, Visa, and others.
Ripple makes new steps towards decentralization
Additionally, Ripple has also promoted a cryptographer, David Schwartz, to the position of the company’s CTO. Creating a global network that contains so many financial institutions that are becoming more and more blockchain-oriented is a large task, which is why Ripple has decided that the company needs a fresh perspective. Because of this, Schwartz is to replace Stefan Thomas as a CTO.
According to Ripple, Schwartz will be tasked with leading a team that will have to find a way to bring the XRP ledger to further decentralization. This is an important part of Ripple’s development, especially since the SEC has stated that digital assets cannot be influenced by a central authority. If Ripple cannot achieve decentralization, the only thing that SEC can do is register it as a security – something that this coin has been working hard to avoid.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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