The blockchain company Ripple announced the assumption on Wednesday of Kahina Van Dyke, a banking industry veteran who recently served as director of global payments for Facebook, as the new senior vice president for corporate and business development. The company also said that the chief cryptographer, David Schwartz, would assume the role of chief technology officer.
The assumptions arrive in the midst of an ongoing Ripple campaign to persuade the financial sector to use XRP, a cryptocurrency of which Ripple has huge stores. Facilitate cross-border payments.
In an interview with Fortune Van Dyke cited his experience in ensuring that banks adopt radical technologies such as SMS apps and communications and noted that it will take a series of iterations before the financial industry feels comfortable with the cryptocurrency.
He also said that the current international payment system, which is mainly based on a network of so-called correspondent banks, is ready for change.
"We have had problems with cross-border payments for 30 years," said Van Dyke, noting that transfers of money abroad can take days and lead to unpredictable commissions. Van Dyke added that the pace of change at banks is very slow compared to the "culture of fast movement" that lived on Facebook.
Van Dyke joins Ripple at a time when the financial industry is becoming more familiar with the distributed accounting software of the blockchain system, but has yet to use XRP or other cryptocurrencies in day-to-day operations.
Affirmations on Ripple The XRP can act as a source of liquidity, relieving financial institutions from the obligation to maintain capital in foreign reserve accounts. But the CEO of a financial giant, Western Union recently declared that his experiments with XRP did not lead to significant savings in terms of efficiency costs. (Ripple states that the experiments were too small to draw meaningful conclusions on XRP).
Meanwhile, Schwartz's promotion to CTO is significant because it is replacing the long-standing predecessor, Stefan Thomas, who created many elements of Ripple's blockchain technology.
"Building a global network of financial institutions using blockchain-based solutions is not a trivial task, but we have Ripple technicians to make it a reality, and we'll take many more," Schwartz said in a statement.
Ripple states that Schwartz and his team will also be in charge of further decentralization of Ledger XRP, which records XRP transactions. Decentralization is important in part because the SEC has suggested that digital resources that can be influenced by a central actor must be recorded as titles – a possible allusion to Ripple and its large XRP reserve.