In a tough year for payments-centric cryptocurrency, Ripple CTO David Schwartz recently took to Twitter for to discuss with community members because banks have been reluctant to adopt XRP as a bridge.
During an exchange with a Ripple community member last week, Schwartz explained that there are a number of obstacles that Ripple is facing that has led to banks’ reluctance to use XRP to settle cross-border transactions.
Schwartz wrote that he sees problems such as “regulatory uncertainty, last-mile problems, fear of reprisals from existing partners” as obstacles to widespread adoption.
Schwartz also said that another reason for banks’ reluctance to adopt XRP on a large scale is that the product is very new and will take longer to gain the appropriate momentum.
The comments come at a difficult time for the currency and its holders. XRP is down 18.6% year-on-year and more than 90% from all-time highs.
Additionally, Paypal has not included XRP on its list of cryptocurrencies it would offer, and the company is facing an intellectual property lawsuit in Australia over its ‘PayID’ branded payment standard.
Ripple’s investors aren’t the only ones feeling the pain, however: Earlier this month Cointelegraph also reported that Schwartz sold 40,000 Ether for $ 1 each in 2012.