Ripple CEO Brad Garlinghouse has stated that the firm will keep hiring despite the ongoing crypto carnage.
In a thread of encouraging tweets on Tuesday, Garlinghouse stated that Ripple had a “significant cash balance” and thus could afford to keep hiring the best talent. He further said that they intended to source about 50% of the workforce outside the U.S. However, he noted that it had taken a lot of effort and discipline to keep the company afloat, stating that previous market gyrations had conditioned them for turbulent times.
“We’ve been preparing for this…It’s never easy” Garlinghouse wrote. He went on to give reasons as to how Ripple had managed to stay elevated during cyclical bear markets. First, the firm had an experienced executive team that had been toughed by the dot-com bubble, 2008 financial crisis, 2018 crypto, and more.
Secondly, the San Francisco-based blockchain firm had been strengthened by its long-term focus. Over the years, Ripple has been building enterprise products with long-term utility NOT speculation. “These are products that solve problems today, not ones in search of a problem.” Added Garlinghouse.
He also attributed Ripple’s resiliency to its high regard for transparency. Apart from striving to provide its stakeholders with the correct information, Ripple has remained steadfast in asking for regulatory clarity during its ongoing case with the Securities and Exchange Commission (SEC) much to the admiration of investors.
Apart from the SEC case muddying crypto waters, Ripple’s XRP investors have already suffered a hefty blow with the coin tanking over 92% from its all-time high of $3.84 in January 2018. Although Garlinghouse believes that the market is likely to shrink further in the near term, he advised crypto investors to stay calm as “this too shall pass,” adding that he had every ounce of confidence that crypto will succeed in the future as an integral part of global financial systems.
Garlinghouse’s comments come on the heels of major crypto firms including Coinbase, Crypto.com, Bitso, Gemini, and BitMEX among others announcing plans to lay off a significant chunk of their workforce in preparation for an extended crypto winter.
Elsewhere, Binance’s CEO Changpeng “CZ” Zhao stated that the firm will continue hiring as it plans on kicking into high gear in terms of Mergers and Acquisitions “M&A” activity. “We have a very healthy war chest. We in fact are expanding hiring right now,” said CZ on Tuesday at the Consensus 2022 conference.