TL;DR:
- The XRP Ledger was originally launched in June 2012 by three engineers before the formal creation of the current corporation.
- David Schwartz took over as Chief Technology Officer (CTO) in 2018 and transitioned to an emeritus role in late 2025.
- The company NewCoin was incorporated in September 2012 and subsequently changed its trade name to OpenCoin and later to Ripple.
Ripple’s Chief Technology Officer Emeritus, David Schwartz, publicly clarified his historical role in the corporation’s early days and specified the initial conditions of his financial compensation.
I’m not generally considered a founder of Ripple and did not receive any XRP as compensation until much, much later.
— David ‘JoelKatz’ Schwartz (@JoelKatz) June 2, 2026
Recently, the computer scientist used his X account to post a screenshot describing the identities of the original project participants, where he was listed under the pseudonym “cryptographer 1”. This internal documentation identified him as a California resident and the firm’s head of cryptography until July 2018.
In response to doubts raised by a user on the platform regarding asset distribution, Schwartz stated that, generally speaking, he is not considered a Ripple founder. According to his statements, he did not receive any allocation of the native cryptocurrency XRP as compensation until a period after the network’s launch.
Origins of the XRP Ledger and institutional evolution
The technical history of the ecosystem began to be written in 2011. At that time, three engineers began developing a decentralized infrastructure inspired by Bitcoin, aiming to optimize the sustainability and speed of digital payments.
Historical records indicate that this preliminary development culminated in the launch of the XRP Ledger in June 2012. Shortly after, the original group brought in businessman Chris Larsen to expand the commercial reach of the technology.
The legal entity was formally founded in September 2012 under the corporate name NewCoin. Institutional records show that the firm went through a rebranding process, transforming first into OpenCoin before adopting the definitive name Ripple.
According to official timeline data, Schwartz held the position of head of cryptography during the organization’s early years. Subsequently, the specialist took over global technology management in 2018, maintaining that executive position for seven years.
In late 2025, the engineer left his daily operational duties as a top executive to assume the technical role of CTO Emeritus.
Current data confirms that the initial token distribution was concentrated among the official founders of NewCoin. Company documentation suggests that incentive schemes for front-line technical employees were structured under deferred contracts, explaining the time gap in asset allocation to Schwartz.
The next ecosystem milestone will focus on the technical review of the Ledger protocol amendments scheduled for the third quarter of this year.
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