Ripple CTO David Schwartz Resigns, Brad Garlinghouse Reacts with Shock

Ripple CTO David Schwartz announced his resignation after 13 years at the firm, citing a desire to spend more time with his family and research other use cases for XRP. Schwartz will join the Ripple board of directors. CEO Brad Garlinghouse praised Schwartz and joked "You're my boss now?!" Schwartz was a key figure in the development of Ripple and the XRP Ledger.

Ripple's CTO David Schwartz has announced his resignation after 13 years at the company, citing a desire to spend more time with his family and explore other use cases for XRP. Schwartz will join the Ripple board of directors, as announced by CEO Brad Garlinghouse. Garlinghouse praised Schwartz's contributions and humorously referred to him as "my boss now!" Schwartz was a key figure in the development of Ripple and the XRP Ledger XRP Goes Mainstream: SWIFT Officially Embraces Ripple in Global Payments Revolution^[2].

Schwartz's departure comes at a time when Ripple is facing challenges in its quest to become a global payments standard. Recently, SWIFT announced a new blockchain-based shared ledger, refuting XRP's claims of becoming a global payment standard XRP Goes Mainstream: SWIFT Officially Embraces Ripple in Global Payments Revolution^[2]. This initiative, supported by over 30 financial institutions, aims to enhance interoperability between fiat and digital asset systems. Ripple continues to position XRP as a competitor to SWIFT, with executives claiming significant market capture potential in the future.

The latest developments at Ripple coincide with a decline in investor optimism for XRP. Recent data indicates a rise in Binance's XRP reserves, suggesting potential selling pressure and declining investor confidence XRP Goes Mainstream: SWIFT Officially Embraces Ripple in Global Payments Revolution^[2]. XRP fell from $3.18 on September 13 to about $2.84 on September 30, matching the increase in XRP reserves on exchanges.

Meanwhile, in another significant corporate development, Sabadell's board member David Martinez accepted BBVA's improved hostile takeover offer, boosting the prospect of the bigger Spanish bank taking over its smaller rival. Sabadell's board, however, told shareholders to reject the revised offer, as it still fundamentally undervalued the bank Mexican board member of Sabadell accepts BBVA's bid; board tells investors to reject bid^[3]. Sabadell shareholders have until October 10 to decide, bringing an 18-month process that began with BBVA turning hostile closer to a conclusion.