Ripple CEO Brad Garlinghouse is optimistic about the future of the crypto industry despite the market downturn.
garlinghouse He says that while the market will “shrink” in the short term, cryptocurrencies have a bright future ahead of them.
“The market is likely to shrink in the short term, but I and many others have every confidence that cryptocurrencies will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race.”
Addressing the spate of layoff announcements that have rocked the cryptocurrency industry in the recent past, Garlinghouse He says Ripple will go against the trend and continue to recruit.
“Pay attention: what is happening now is not a small turn of the market. We have been preparing for this with a significant cash balance and therefore can afford to continue to hire top talent with a goal of 50% being outside of the US.”
Crypto firms that have recently announced layoffs include US exchange Coinbase. Crypto exchange CEO Brian Armstrong revealed earlier this week that Coinbase will cut its workforce by around 18%. The announcement came less than two weeks after Coinbase put a hiring freeze.
Digital asset exchanges Gemini and Crypto.com have also announced job cuts in the last 14 days. Earlier in the month, Tyler and Cameron Winklevoss, founders and top executives of US-based stock exchange Gemini, indicated that the exchange would cut about 10% of its workforce.
And over the weekend, the CEO of Singapore-based Crypto.com Announced the exchange would separate 5% of its workforce, or about 260 of its employees.
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