{"id":"david-schwartz","title":"David Schwartz","content":"**David Schwartz** (also known as JoelKatz) is Chief Technology Officer (CTO) and Chief Cryptographer at [Ripple](https://iq.wiki/wiki/xrp) as well as a board member and advisor at [PolySign](https://iq.wiki/wiki/polysign). David is one of the original architects of the [XRP](https://iq.wiki/wiki/xrp) Ledger. On September 30, 2025, Schwartz announced he would be stepping down as CTO by the end of the year. [\\[12\\]](#cite-id-vxaO1FRbmD) Before [Ripple](https://iq.wiki/wiki/ripple-labs), he was a director of software development at Webmaster Incorporated, a Santa Clara software developer. [\\[1\\]](#cite-id-7rd2jxrnnj)\n\nHe also assists companies with strategic planning in emerging technologies such as distributed payment systems and secure computing with his expertise in cryptography, computer security, and software development, particularly for startups and quickly-growing small companies. Schwartz developed encrypted cloud storage and enterprise messaging systems for organizations like CNN and the National Security Agency (NSA). [\\[2\\]](#cite-id-vjsi8d7ljs)\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=Hxnay4yEZR4)$$\n\n## Education\n\nDavid Schwartz studied Electrical Engineering at the University of Houston, Texas, U.S., and graduated in 1990. [\\[1\\]](#cite-id-7rd2jxrnnj)\n\n## Career\n\n### Early years\n\nIn 1988 before he graduated from the university, Schwartz founded David Schwartz Enterprise. He invented a hierarchical system for distributing workloads over multiple computers, handled interactions with the USPTO to obtain the United States patent, and managed marketing and licensing efforts. [\\[1\\]](#cite-id-7rd2jxrnnj)\n\nIn 1991, Schwartz served as a software developer at Re/Max. There he conceived and developed a system to analyze public property records and identify houses that were the most likely to be over-assessed and entitled to property tax reductions. [\\[1\\]](#cite-id-7rd2jxrnnj)[\\[2\\]](#cite-id-vjsi8d7ljs)\n\nIn 1992, Schwartz was a partner in Cardiophonics. He is a co-founder of a medical device manufacturing company that developed, manufactured, and sold a noninvasive medical device to provide objective measurements of the presence and severity of heart murmurs and related conditions. [\\[5\\]](#cite-id-gcxaxk0z1j)\n\nIn 1996, Schwartz worked for Worldwide Internet Solutions as a senior network manager. He supervised the design, implementation, and deployment of a regional network and a large document scan, index, search, and retrieval system. [\\[5\\]](#cite-id-gcxaxk0z1j)\n\n### WebMaster Incorporated\n\nIn January 1998, Schwartz joined Webmaster Inc. where he worked for 13 years. He started as a director of software development. In 2001, he was promoted to Chief Technical Officer (CTO) overseeing research, development, and technical operations. [\\[5\\]](#cite-id-gcxaxk0z1j)\n\n### Ripple\n\nSchwartz joined [Ripple](https://iq.wiki/wiki/ripple-labs) in November 2011 as the Chief Cryptographer of the company. In July 2018, he was assigned as the Chief Technology Officer of [Ripple](https://iq.wiki/wiki/ripple-labs).\n\nIn April 2020, YouTube suspended Schwartz's YouTube channel soon after the [blockchain](https://iq.wiki/wiki/blockchain) firm launched a lawsuit against it over the [XRP](https://iq.wiki/wiki/xrp) scam in videos. This suspension came a week after [Ripple](https://iq.wiki/wiki/ripple-labs) initiated a lawsuit against YouTube on allegations the platform had failed to prevent fake [XRP](https://iq.wiki/wiki/xrp) giveaway scams on the platform. [\\[4\\]](#cite-id-jfh2k3lcbe)\n\nIn December 2020, the SEC filed a legal action against [Ripple](https://iq.wiki/wiki/ripple-labs) Labs Inc. and two executives, accusing them of conducting an unregistered digital asset securities offering. The complaint stated that [Ripple](https://iq.wiki/wiki/ripple-labs) raised over $1.3 billion since 2013 by selling [XRP](https://iq.wiki/wiki/xrp), a digital asset, to investors globally. Additionally, [Ripple](https://iq.wiki/wiki/ripple-labs) was alleged to have distributed [billions](https://iq.wiki/wiki/billions) of [XRP](https://iq.wiki/wiki/xrp) in exchange for non-cash consideration, including labor and market-making services. [\\[6\\]](#cite-id-hknp6dnnq4)\n\nIn April 2021, David said on [CoinDesk](https://iq.wiki/wiki/coindesk) TV that \"all the evidence\" suggests [Bitcoin](https://iq.wiki/wiki/bitcoin) and [XRP](https://iq.wiki/wiki/xrp) were similar despite allegations that [XRP](https://iq.wiki/wiki/xrp) was being sold illegally as a security. [Ripple](https://iq.wiki/wiki/ripple-labs) was defending itself against a U.S. Securities and Exchange Commission (SEC) action alleging the company and two of its executives violated U.S. securities laws in selling [XRP](https://iq.wiki/wiki/xrp) to retail consumers. [\\[3\\]](#cite-id-kvbuoio20c)\n\nOn October 19, 2023, The U.S. Securities and Exchange Commission (SEC) dismissed its aiding and abetting claims against [Ripple](https://iq.wiki/wiki/ripple-labs) Labs executives [Chris Larsen](https://iq.wiki/wiki/chris-larsen) and [Brad Garlinghouse](https://iq.wiki/wiki/brad-garlinghouse) in its lawsuit alleging the [blockchain](https://iq.wiki/wiki/blockchain) company violated U.S. securities law, according to a court filing in New York on October 19, 2023. [Ripple](https://iq.wiki/wiki/ripple-labs) Labs Chief Legal Officer [Stuart Alderoty](https://iq.wiki/wiki/stuart-alderoty) wrote on X: [\\[7\\]](#cite-id-y6t16wub99)\n\n> \"The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.\"[\\[7\\]](#cite-id-y6t16wub99)\n\n#### Departure\n\nOn September 30, 2025, Schwartz announced he would be stepping down from his role as CTO by the end of the year, after more than 13 years with the company. [\\[12\\]](#cite-id-vxaO1FRbmD) [\\[13\\]](#cite-id-2P9bbr4wxd) He stated his intention to spend more time with his family and pursue personal hobbies. [\\[14\\]](#cite-id-8L7jhPyTir) Despite his departure from the executive role, Schwartz confirmed he would remain involved with [Ripple](https://iq.wiki/wiki/ripple-labs) by joining its board of directors and taking on the title of CTO Emeritus. [\\[15\\]](#cite-id-KlMDgyRZvT) [Ripple](https://iq.wiki/wiki/ripple-labs) CEO [Brad Garlinghouse](https://iq.wiki/wiki/brad-garlinghouse) praised Schwartz as a \"true OG in crypto\" and expressed gratitude for his contributions to the company and the [XRP](https://iq.wiki/wiki/xrp) Ledger. [\\[16\\]](#cite-id-7pmHy2kmFN)\n\n![David Schwarts on CoinDesk TV.webp](https://ipfs.everipedia.org/ipfs/QmRrigRkGL49zun3tdD8zZF4xkddqQ2vRh8TGkNrayCzR5)\n\n## XRP Holdings and Investment\n\nAs one of the original architects of the [XRP](https://iq.wiki/wiki/xrp) Ledger, David Schwartz holds a substantial amount of [XRP](https://iq.wiki/wiki/xrp). Unlike some early contributors, he purchased his [XRP](https://iq.wiki/wiki/xrp) tokens from the secondary market rather than receiving them as part of the initial distribution. He opted for [Ripple](https://iq.wiki/wiki/ripple-labs) shares and chose to receive his early salary in cash, stating he could buy [XRP](https://iq.wiki/wiki/xrp) on exchanges. [\\[8\\]](#cite-id-sY036UWgVh) [\\[9\\]](#cite-id-oEtrntOTlN)\n\nIn July 2025, Schwartz revealed his entry price for [XRP](https://iq.wiki/wiki/xrp) was $0.006. This disclosure came in response to a social media user who suggested that early [XRP](https://iq.wiki/wiki/xrp) community members acquired the token around $0.50. His entry price significantly undercuts this figure, indicating his very early involvement in the market. For context, [XRP](https://iq.wiki/wiki/xrp) traded around the $0.50 [level](https://iq.wiki/wiki/level) for years, from April 2022 to November 2025, before breaking out. [\\[8\\]](#cite-id-sY036UWgVh) [\\[9\\]](#cite-id-oEtrntOTlN)\n\nSchwartz previously stated his peak [XRP](https://iq.wiki/wiki/xrp) balance was 26 million tokens. If he acquired this amount at his revealed entry price of $0.006, the total cost would have been $156,000. With [XRP](https://iq.wiki/wiki/xrp) trading around $2.25 as of July 2025, his 26 million [XRP](https://iq.wiki/wiki/xrp) would be worth approximately $58.5 million, representing returns exceeding $58 million. While he confirmed he has not sold large amounts of his [XRP](https://iq.wiki/wiki/xrp), his current exact holdings are not publicly known. [\\[8\\]](#cite-id-sY036UWgVh)\n\nProjections suggest [XRP](https://iq.wiki/wiki/xrp) could potentially reach a price of $10 in the future. If Schwartz still held his peak balance of 26 million [XRP](https://iq.wiki/wiki/xrp) and the price reached $10, his holdings would be valued at $260 million. [\\[8\\]](#cite-id-sY036UWgVh)\n\nSchwartz also mentioned in the past that his father purchased over a million [XRP](https://iq.wiki/wiki/xrp) in 2014 at an even lower price of $0.005. [\\[9\\]](#cite-id-oEtrntOTlN) [\\[10\\]](#cite-id-8uvvFoikj4)\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=cdxN-6_gZEc)$$\n\n## Bitcoin Mining and Shift to XRP and ETH\n\nDavid Schwartz mined 250 Bitcoins during the cryptocurrency's early days, starting in 2011 when [Bitcoin](https://iq.wiki/wiki/bitcoin) was trading around $30. He expressed some disappointment at not having discovered [Bitcoin](https://iq.wiki/wiki/bitcoin) earlier, missing the opportunity to witness its price [drop](https://iq.wiki/wiki/drop) to as low as $2.50. [\\[11\\]](#cite-id-YJBikdJNc8)\n\nDespite his early involvement in [Bitcoin](https://iq.wiki/wiki/bitcoin) [mining](https://iq.wiki/wiki/mining), Schwartz sold his [Bitcoin](https://iq.wiki/wiki/bitcoin) holdings to invest in [XRP](https://iq.wiki/wiki/xrp) and [Ethereum](https://iq.wiki/wiki/ethereum). This decision was influenced by concerns over [Bitcoin](https://iq.wiki/wiki/bitcoin)'s energy usage and scalability. He has frequently criticized the [Bitcoin](https://iq.wiki/wiki/bitcoin) network’s reliance on proof-of-work, describing it as inefficient for long-term growth. In contrast, [Ripple](https://iq.wiki/wiki/ripple-labs)’s consensus model and [Ethereum](https://iq.wiki/wiki/ethereum)’s shift to proof-of-stake align more closely with his views on sustainable [blockchain](https://iq.wiki/wiki/blockchain) development, as both platforms use less power and enhance the speed and effectiveness of transactions. This move reflected his strategic shift towards digital assets that aim to address key challenges seen in first-generation cryptocurrencies. [\\[11\\]](#cite-id-YJBikdJNc8)\n\nSchwartz has been open about his crypto journey, including dealing with rumors about his identity. There have been speculations that he is [Satoshi Nakamoto](https://iq.wiki/wiki/satoshi-nakamoto), the unknown creator of [Bitcoin](https://iq.wiki/wiki/bitcoin), but Schwartz has consistently denied these allegations. He clarified that he only heard about [Bitcoin](https://iq.wiki/wiki/bitcoin) in 2011, well after its development stage was over, and that he was not involved in its creation. [\\[11\\]](#cite-id-YJBikdJNc8)\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=c_E6HUcq_FQ)$$","summary":"David Schwartz is the CTO and Chief Cryptographer at Ripple, known for being one of the original architects of the XRP Ledger.","images":[{"id":"QmVqrjbX82Q9qAU8EYpJ9uCkEV8qbsLehruYcTyyXwQPoB","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"People in crypto"}],"tags":[{"id":"Founders"},{"id":"Developers"},{"id":"PeopleInDeFi"}],"media":[{"id":"https://www.youtube.com/watch?v=wdiogIFEk0k","size":"0","name":"wdiogIFEk0k","type":null,"source":"YOUTUBE"},{"id":"QmRrigRkGL49zun3tdD8zZF4xkddqQ2vRh8TGkNrayCzR5","size":"0.05","name":"David Schwarts on CoinDesk TV.webp","type":null,"source":"IPFS_IMG"},{"id":"https://www.youtube.com/watch?v=c_E6HUcq_FQ","name":"c_E6HUcq_FQ","caption":"","thumbnail":"https://www.youtube.com/watch?v=c_E6HUcq_FQ","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=cdxN-6_gZEc","name":"cdxN-6_gZEc","caption":"","thumbnail":"https://www.youtube.com/watch?v=cdxN-6_gZEc","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=Hxnay4yEZR4","name":"Hxnay4yEZR4","caption":"","thumbnail":"https://www.youtube.com/watch?v=Hxnay4yEZR4","source":"YOUTUBE"}],"metadata":[{"id":"website","value":"https://ripple.com/"},{"id":"facebook_profile","value":"https://www.facebook.com/joelkatz/"},{"id":"twitter_profile","value":"https://twitter.com/joelkatz"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/sjoelkatz/"},{"id":"reddit_profile","value":"https://www.reddit.com/r/IAmA/comments/80ppfl/i_am_david_schwartz_chief_cryptographer_at_ripple/"},{"id":"github_profile","value":"https://github.com/JoelKatz"},{"id":"references","value":"[{\"id\":\"7rd2jxrnnj\",\"url\":\"https://www.linkedin.com/in/sjoelkatz/\",\"description\":\"LinkedIn - David Schwartz\",\"timestamp\":1672460497794},{\"id\":\"vjsi8d7ljs\",\"url\":\"https://www.crunchbase.com/person/david-schwartz-19\",\"description\":\"Crunchbase - David Schwartz\",\"timestamp\":1672461263189},{\"id\":\"kvbuoio20c\",\"url\":\"https://www.coindesk.com/markets/2021/04/07/ripple-cto-all-the-evidence-suggests-xrp-and-bitcoin-are-similar-contrary-to-sec/\",\"description\":\"CoinDesk - XRP and Bitcoin are similar \",\"timestamp\":1672470392434},{\"id\":\"jfh2k3lcbe\",\"url\":\"https://finance.yahoo.com/news/youtube-suspends-ripple-tech-chief-104237084.html\",\"description\":\"Yahoo finance - YouTube suspends Ripple's CTO\",\"timestamp\":1672481011729},{\"id\":\"gcxaxk0z1j\",\"url\":\"https://www.linkedin.com/in/sjoelkatz/details/experience/\",\"description\":\"work experience\",\"timestamp\":1702307867500},{\"id\":\"hknp6dnnq4\",\"url\":\"https://www.sec.gov/news/press-release/2020-338\",\"description\":\"SEC charges Ripple\",\"timestamp\":1702308868402},{\"id\":\"y6t16wub99\",\"url\":\"https://www.reuters.com/markets/us/sec-dropping-claims-against-ripple-executives-court-filing-2023-10-19/#:~:text=Oct%2019%20(Reuters)%20%2D%20The,in%20New%20York%20on%20Thursday.\",\"description\":\"SEC drops claims against Ripple\",\"timestamp\":1702309253040},{\"id\":\"sY036UWgVh\",\"url\":\"https://thecryptobasic.com/2025/07/07/ripple-cto-reveals-his-xrp-entry-price-here-is-how-much-he-makes-if-xrp-hits-10/\",\"description\":\"Ripple CTO reveals XRP entry price\",\"timestamp\":1751900739315},{\"id\":\"oEtrntOTlN\",\"url\":\"https://www.ainvest.com/news/xrp-news-today-ripple-cto-reveals-early-xrp-purchase-0-006-2507/\",\"description\":\"Ainvest - Ripple CTO Reveals Early XRP Purchase\",\"timestamp\":1751900739315},{\"id\":\"8uvvFoikj4\",\"url\":\"https://www.tradingview.com/news/u\\\\_today:b777fc351094b:0-ripple-cto-reveals-how-many-bitcoins-he-has-mined/\",\"description\":\"Ripple CTO Reveals How Many Bitcoins He Has Mined\",\"timestamp\":1751900966429},{\"id\":\"YJBikdJNc8\",\"url\":\"https://www.ainvest.com/news/xrp-news-today-ripple-cto-mined-250-bitcoins-2011-sold-xrp-eth-2507/\",\"description\":\"Ainvest - Ripple CTO mined 250 Bitcoins\",\"timestamp\":1751900966429},{\"id\":\"vxaO1FRbmD\",\"url\":\"https://www.theblock.co/post/372962/ripples-david-schwartz-announces-departure-as-cto-by-end-of-year\",\"description\":\"The Block - Ripple's David Schwartz announces departure\",\"timestamp\":1759279549744},{\"id\":\"2P9bbr4wxd\",\"url\":\"https://coincentral.com/ripples-david-schwartz-announces-departure-from-cto-role-by-year-end/\",\"description\":\"CoinCentral - Schwartz to depart CTO role\",\"timestamp\":1759279549744},{\"id\":\"8L7jhPyTir\",\"url\":\"https://cointelegraph.com/news/ripple-david-schwartz-stepping-back\",\"description\":\"Cointelegraph - Ripple CTO to step back\",\"timestamp\":1759279549744},{\"id\":\"KlMDgyRZvT\",\"url\":\"https://blockonomi.com/ripple-cto-david-schwartz-to-step-down-after-13-years-of-service/\",\"description\":\"Blockonomi - Schwartz to become board member and CTO Emeritus\",\"timestamp\":1759279549744},{\"id\":\"7pmHy2kmFN\",\"url\":\"https://www.thestreet.com/crypto/markets/ripple-ceo-has-shocking-response-to-ctos-resignation-youre-my-boss-now\",\"description\":\"The Street - Ripple CEO responds to CTO's resignation\",\"timestamp\":1759279549744}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmZUM4kLHvVYSLfnZ6Xd2TVhnX8hgAzVRrUnUrEppgV1Gc\""},{"id":"commit-message","value":"\"Docs: Update David Schwartz article with his departure as Ripple CTO and add new media.\""},{"id":"previous_cid","value":"QmZUM4kLHvVYSLfnZ6Xd2TVhnX8hgAzVRrUnUrEppgV1Gc"}],"events":[{"id":"jBcvYv1Pw5","date":"1991-01","title":"Software Developer, RE/MAX","type":"DEFAULT","description":"In 1991, Schwartz served as a software developer at Re/Max","link":"https://www.linkedin.com/in/sjoelkatz/details/experience/"},{"id":"qYYoHUT63n","date":"1996-01","title":"Senior Network Manager, Worldwide Internet Solutions","type":"DEFAULT","description":"In 1996, Schwartz worked for Worldwide Internet Solutions as a senior network manager.","link":"https://www.linkedin.com/in/sjoelkatz/details/experience/"},{"id":"FBbV0MFu1D","date":"1998-01","title":"CTO, WebMaster Incorporated","type":"DEFAULT","description":"In January 1998, Schwartz joined Webmaster Inc. where he worked for 13 years","link":"https://www.linkedin.com/in/sjoelkatz/details/experience/"},{"id":"O8EcUkTis9","date":"2018-07","title":"CTO, Ripple","type":"DEFAULT","description":"Schwartz joined Ripple in November 2011 as the Chief Cryptographer of the company. He became the CTO in July 2018","link":"https://www.linkedin.com/in/sjoelkatz/details/experience/"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x2E66379061a2A39ccf38cE73d6144665C7eDC3E1"},"language":"en","version":1,"linkedWikis":{"blockchains":[],"founders":[],"speakers":[]},"operator":{"id":"0xbc74F7Beea348c97350e4DBc49227A5Ee7d27D3e"}}