- DeFi has been the hottest topic in the cryptocurrency industry because DeFi protocols are reaching new heights every day.
- David Schwartz has said that the ripple team is exploring the DeFi sector to ascertain whether or not they should provide DeFi militaries to their institutional investors.
Ripple, the US-based blockchain firm has announced that it is exploring the world of Decentralized Finance (DeFi). DeFi has been the hottest topic in the cryptocurrency industry because DeFi protocols are reaching new heights every day. For instance, the DeFi protocol Compound surpassed MarkerDAO to become the largest DeFi protocol. Similarly, almost 80% of Ethereum’s trading volume is because of its on-platform DeFi protocols.
The Chief Technology Officer of Ripple, David Schwartz has said that the ripple team is exploring the DeFi sector to ascertain whether or not they should provide DeFi services to their institutional investors.
RippleNet Expected To Be A One-Stop Destination For Institutional Investors
Schwartz, the primary builder and designer of the XRP ledger, interrogated as to where he sees the Ripple platform in the next five years. He said that he wanted RippleNet to be a single destination for the investors. It will facilitate all types of payment options. He believed that RippleNet would also provide services like loans and DeFi services to institutional investors. Schwartz further believes that Ripple is in good structure to provide new offering services. He emphasized on Ripple’s software of transaction flow of the banks and financial institutions that will facilitate to promote new DeFi projects.
Main Aim Is To Make The Ripple Platform Integrated Just Like Its Peers
The inclusion of DeFi protocols to the Ripple mainnet will mean that the platform would provide all kinds of lending, investment and payment facilities. The focus as per Schwartz is to make the Ripple platform more integral and robust. Ripple’s growth is still the primary target. Schwartz had compared the inception of the crypto industry with that of the internet. He also emphasized that the cryptocurrency platform must compete with its peers because it will indirectly influence its growth and construction.
Ripple Confirms That A Group Of People Will Check Its New Products
Schwartz further confirmed that a cohort of people would use the products that they are making. Their main aim is not only to build products and services but also to create a favourable market for the investors. The entire defi exploration is to enhance Ripple’s interoperability and to promote secure and efficient cross border transactions.