In early October, legendary name David Schwartz, who was among the founders of XRP, announced that he would resign from his position as Ripple CTO.
This decision came as a surprise to the XRP community, as Schwartz was among the key figures who played a key role in Ripple’s current position.
Although Schwartz has only two months left before he leaves office, he continues to make important statements regarding XRP.
At this point, Ripple CTO David Schwartz announced that the company may sell the rights to buy XRP locked in massive escrow accounts.
Schwartz said that the 35 billion XRP held in Ripple’s escrow account cannot be released into circulation until the scheduled monthly unlocks, but the company may sell or transfer the rights to receive XRP tokens to be unlocked in the future.
However, Schwartz highlighted a critical point. The prominent figure stated that these rights can only be sold by Ripple itself. In other words, the right to withdraw locked XRP cannot be transferred without Ripple’s approval and authorization.
From a market perspective, these statements do not mean that Ripple will immediately release the locked XRP tokens or accelerate their circulation.
Schwartz made this statement during a community discussion that began after software engineer Vincent Van Code raised questions about how crypto data trackers report XRP’s circulating supply compared to Bitcoin.
Van Code noted that tracking sources like CoinMarketCap exclude XRP held in Ripple’s escrow accounts from market capitalization, but even include Bitcoin held in Satoshi’s wallet in their calculations. According to Code, excluding the 1 million BTC held in Satoshi’s wallet would reduce Bitcoin’s market capitalization by approximately 15%.
At this point, the exclusion of locked tokens from XRP’s market capitalization calculation has fueled discussions that XRP’s market capitalization is understated compared to other cryptocurrencies.
As you may recall, Ripple CTO David Schwartz, one of the most well-known names in the cryptocurrency industry, announced at the beginning of October that he would be leaving his position at the end of the year, after more than 13 years.
Schwartz, who announced that he will step down as CTO at the end of the year, said he will focus on spending time with his family and returning to his long-delayed hobbies. However, Schwartz stated that he will not be leaving the XRP ecosystem entirely, saying, “Let me warn you, I am not walking away from the XRP community.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/legendary-name-gider-ayak-who-surprisingly-announced-his-departure-from-ripple-made-important-statements-about-xrp/
