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XMPP has OMEMO for comparable end-to-end encryption but it doesn't have clients with a comparable privacy focus and the encryption protocol isn't everything. XMPP is also a rotting corpse with a lot of interoperability issues and poor adoption of crucial extensions...
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It's very confusing for users. Matrix is a lot simpler for them because it isn't a mess of extensions where users need to deal with finding a client and server supporting them and get their contacts to do the same. Matrix clients similarly lack the same privacy focus though.
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