Despite the ongoing crypto bear market, Ripple CEO Brad Garlinghouse has declared that the company will continue to hire.
Garlinghouse indicated in a series of hopeful tweets on Tuesday that Ripple has a “large cash balance” and could thus afford to keep employing the best personnel. He also stated that they planned to hire around half of the employees from outside the United States. He did say, though, that keeping the company afloat had taken a lot of effort and discipline, and that earlier market gyrations had prepared them for tumultuous times.
“We’ve been preparing for this…It’s never easy” Ripple CEO penned the piece. He went on to explain why Ripple had managed to maintain its price amid cyclical weak markets. To begin with, the firm possessed an experienced executive team that had weathered the dot-com bubble, the 2008 financial crisis, 2018 crypto, and other adversities.
Second, the San Francisco-based blockchain firm’s long-term emphasis had bolstered it. Ripple has built enterprise products with long-term utility in mind, not speculation, throughout the years. “These are products that address problems now, not products that are looking for a problem to solve.” Garlinghouse threw in his two cents.
Ripple’s robustness, he added, is due to its strong appreciation for openness. Apart from aiming to offer accurate information to its stakeholders, Ripple has been unwavering in its demand for regulatory clarification during its ongoing case with the Securities and Exchange Commission (SEC), much to the delight of investors.
Ripple CEO advices…
Aside from the SEC case muddying the crypto waters, Ripple’s XRP investors have already taken a hit, with the coin plunging nearly 92% from its all-time high of $3.84 in January 2018. Despite his belief that the market will continue to shrink in the near term, Garlinghouse advised crypto investors to be patient, saying that “this too shall pass,” and that he is confident that crypto will prosper in the future as an integral part of global financial systems.
Garlinghouse’s remarks follow prominent crypto companies including as Coinbase, Crypto.com, Bitso, Gemini, and BitMEX, among others, declaring intentions to lay off a significant portion of their personnel in anticipation of a prolonged crypto winter.
In other news, Binance CEO Changpeng “CZ” Zhao announced that the company will continue to hire as it prepares to ramp up its Mergers and Acquisitions “M&A” activity. “We have a sizable war chest.” “We’re actually hiring right now,” CZ remarked at the Consensus 2022 conference on Tuesday.
Source: Zycrypto