Categories: Ripple

Ripple Hires Facebook Payments Exec and Names New CTO

Click here to view original web page at
Kahina Van Dyke

The blockchain company Ripple announced the hiring on Wednesday of Kahina Van Dyke, a banking industry veteran who recently worked as Facebook’s global payments director, as its new senior vice president of business and corporate development. The company also said head cryptographer, David Schwartz, would assume the role of chief technology officer.

The hirings come amid an ongoing campaign by Ripple to persuade the financial industry to use XRP—a cryptocurrency of which Ripple owns enormous stores—to facilitate cross-border payments.

In an interview with Fortune, Van Dyke cited her experience in getting banks to adopt once-radical technologies like apps and SMS communications, and observed that it will take a series of iterations before the financial industry is comfortable with cryptocurrency.

She also said the current international payment system, which primarily relies on a web of so-called correspondent banks, is ready for a shakeup.

“We’ve been having problems with cross-border payments for 30 years,” said Van Dyke, noting that overseas money transfers can take days and result in unpredictable fees. Van Dyke added that the pace of change at banks is very slow compared to the “move-fast culture” she experienced at Facebook.

Van Dyke joins Ripple at a time when the financial industry is getting more familiar with blockchain’s distributed ledger software system, but has yet to use XRP or other cryptocurrencies in day-to-day operations.

Ripple claims XRP can serve as a source of liquidity, relieving financial institutions of the obligation to maintain capital in foreign reserve accounts. But the CEO of one financial giant, <a href="Western">">Western Union</a>, recently declared that its experiments with XRP had not resulted in significant savings in cost of efficiency. (Ripple claims the experiments were too small in scope to draw meaningful conclusions about XRP).

Meanwhile, the promotion of Schwartz to CTO is significant because he is replacing long-time predecessor, Stefan Thomas, who created many elements of Ripple’s blockchain technology.

“Building a global network of financial institutions who are using blockchain-based solutions is no small task, but we have the technical folks at Ripple to make it a reality. We’re also going to hire a lot more of them,” said Schwartz in a statement.

Ripple says Schwartz and his team will also be tasked with the further decentralization of the XRP Ledger, which records XRP transactions. Decentralization is important in part because the SEC has suggested that digital assets that can be influenced by a central actor must be registered as securities—a possible allusion to Ripple and its large store of XRP.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

3 hours ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

3 hours ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

3 hours ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

3 hours ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

3 hours ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More