Amid a tumultuous crypto market selloff, Bradley Garlinghouse, the CEO of a financial technology company, Ripple, is calming the storm for XRP stakeholders, as per a post on June 14.
He made a thread loaded with succinct information about why Ripple has managed to weather past crypto storms and stays unfazed about the current crypto market selloffs and downsizing trend of crypto exchanges like Coinbase, Crypto.com, and Gemini. These companies have announced hiring freezes and human resource downsizing in the past few weeks, citing market conditions that have adversely affected their revenue streams.
Garlinghouse uses his vast experience from AOL and others to ensure Ripple stays afloat despite the current market challenges.
It should be recalled that despite SEC’s lawsuit against Ripple Inc.’s executives, including Bradley, XRP still maintains its position as one of the largest crypto assets by market capitalization. The U.S. regulator accuses the blockchain company of raising $1.3 billion by selling XRP that the agency said are securities. An ongoing court case will likely be ruled to favor Ripple.
How Ripple has Managed to Survive Downturns
Ripple Inc.’s executive team consists of experienced professionals who have been through various economic downturns such as the dot com bubble of the late 1990s, the 2008 financial crisis, 2018’s crypto winter, and others.
Additionally, the financial tech company maintains a long-term focus by building functional products with long-term utility. It prides itself in resisting speculative urges by focusing on creating products with immediate solutions, confident that the industry is not going away.
It is a well-known fact that Ripple takes communication and transparency seriously. The blockchain company regularly updates its community through quarterly market reports. This, the CEO says, is the “key to being [a] responsible stakeholder.”
Ripple has also been paying attention, and being able to predict the worst scenarios has kept the blockchain firm a step ahead. Having gone through multi-month bear cycles, Ripple has built a colossal cash chest, allowing them to retain talent irrespective of market conditions. Thus far, the payment firm plans to extend its employment opportunities by 50 percent beyond the borders of the U.S.
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