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Ripple CTO David Schwartz Clarifies His Rumored Billionaire Status

David Schwartz, the Chief Technology Officer (CTO) at Ripple, recently addressed speculation surrounding his personal wealth tied to cryptocurrency holdings. Renowned for his transparency and active community engagement, Schwartz took a proactive approach to dispel misconceptions about his financial status.

With a tweet, Schwartz confirmed that he hasn’t reached billionaire status – debunking rumors to the contrary. He further provided a screenshot of a 2021 tweet where he previously made the same clarification, demonstrating consistency in his stance.

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Schwartz’s revelation sheds light on an important distinction: not all pioneers in the cryptocurrency and blockchain space translate their contributions into immense personal fortunes. This is despite his significant role in shaping Ripple and the XRP Ledger ecosystem.

Schwartz: A Key Architect of the XRP Ledger

As one of the founding engineers of the XRP Ledger, Schwartz’s technical expertise played a pivotal role in its development. In 2011, alongside Jed McCaleb and Arthur Britto – both with experience building the Bitcoin blockchain – Schwartz embarked on creating a blockchain specifically designed for efficient value transfer. Their focus was on transaction speed and scalability, aiming to overcome limitations in the Bitcoin network.

The deployed XRP Ledger automatically generated a total supply of 100 billion XRP, with the code itself preventing the creation of new tokens. Shortly after, in September 2012, Ripple (then known as NewCoin) was established by Arthur Britto, Jed McCaleb, and Chris Larsen. Notably, the founders of the XRP Ledger donated 80 billion XRP to the company, while retaining a combined holding of 20 billion XRP for themselves.

Read Also: Ripple CTO’s Past Comments Show the True Value of XRP

Schwartz’s Preference for Company Shares Over XRP

In the same year, Schwartz opted for a salary and a 2% ownership stake in Ripple instead of receiving XRP tokens. While acknowledging this choice as a “pretty big” mistake in hindsight, Schwartz explained his inherent risk aversion as the primary factor. He does, however, express a degree of regret for not being more risk-tolerant.

Considering Ripple’s current market standing and XRP’s market capitalization exceeding $27 billion, it’s safe to assume Schwartz’s net worth is likely in the millions.


David Schwartz’s case exemplifies how contributions to technological advancements within the cryptocurrency space do not always translate to immediate personal riches. While his financial rewards may not reflect the immense value he brought to the industry, his dedication and expertise have undeniably shaped the landscape of blockchain technology.

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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