Ripple, the company behind major cryptocurrency XRP, is facing community backlash after online entrepreneur Andrei Jikh raised questions over the company’s projects and transparency.
Jikh took to X on Wednesday to voice his multiple concerns about Ripple, including the lack of verifiable on-chain data to support the company’s claim of securing over 300 bank partnerships in its 13 years of operation.
Ripple’s chief technology officer David Schwartz promptly joined the X thread, addressing all six questions raised by Jikh to defend the company’s approach to transparency, on-chain data and institutional adoption.
“I think there are a number of reasons why institutions have historically preferred to use digital assets off-chain rather than on-chain,” Schwartz wrote, highlighting that even Ripple does not use decentralized transactions on its XRP ledger (XRPL).
Ripple CTO admits on-chain adoption is slow
Although highlighting institutional preferences to stay off-chain, Schwartz suggested that this trend is “close to changing” because “institutions are starting to see the benefits of moving on chain.”
“But I agree it has been very slow,” he said, reasoning Ripple’s choice to not rely on the XRPL DEX for payments due concerns related to terrorism financing.
“We can’t be sure a terrorist won’t provide the liquidity for payment,” Schwartz said.
He also mentioned that features like “permissioned domains” could be a tool to address this issue, but did not elaborate on how this could be a solution.
What is the XRPL, and how big is it?
Launched in 2012, the XRPL is a decentralized, open-source blockchain that serves as the foundation for the underlying cryptocurrency XRP (XRP).
Positioned by Ripple as “decentralized public blockchain built for business,” XRPL has been at the center of a growing number of enterprise partnerships. These include tokenization initiatives with the Dubai government and US investment firm Guggenheim, both announced in June 2025.
Despite increasing institutional interest, there is still a lack of transparent, on-chain tracking tools to show how these partnerships are translating into actual transaction volume on the XRPL network.
Platforms like DefiLlama report only $81.8 million in total value locked (TVL) on XRP…
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