Ripple CEO Says They Have Been Preparing For Crypto Winter With Significant Cash Balance And Will Continue To Hire

Key takeaways:

  • Brad Garlinghouse has stated that Ripple has been preparing for crypto winter with a significant cash balance; thus, the company can continue hiring.
  • As someone who has weathered a few downturns over the years, Mr. Garlinghouse believes the crypto bear market will “pass too.”
  • It also requests clarity from the regulator regarding whether XRP is a security or not.

Ripple CEO Brad Garlinghouse has weighed in on the ongoing crypto-verse layoffs by stating that the company has been preparing for such a market crash by having a significant cash balance. As a result, Ripple ‘can afford to continue to hire top talent with a goal of 50% being outside the US.’

The crypto bear market will pass.

Mr. Garlinghouse shared his insights through an encouraging Twitter thread he started, noting that he has weathered a few downturns over the years. Therefore, the ongoing crypto winter will pass. He said:

Days like today are never what you expect to see, especially. in an industry with so much amazing talent like crypto. If you’ve recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who has seen a few downturns over the years).

Ripple has been building products with long-term utility.

He further noted that the Ripple team is made up of a team that “has been through the dotcom bubble, the 2008 financial crisis, the 2018 crypto winter, and more.”

Furthermore, Mr. Garlinghouse explained that the company was focused on creating “business products with long-term utility, not speculation.”

Ripple CEO calls for regulatory clarity on XRP.

Regarding XRP, Brad Garlinghouse asked the regulators to provide the necessary clarity to move forward. He said:

Trading Transparency – As an XRP holder, we believe that communication and transparency (including our quarterly market reports) are key to being a responsible stakeholder. We have been calling for regulatory clarity for years and have been honest about what works and what doesn’t.

Crypto will succeed in the future – Brad Garlinghouse

Mr. Garlinghouse concluded his Twitter thread on an optimistic note by stating that although markets will shrink in the short term, he sees a future in which cryptocurrencies will succeed and become an “integral part of our global financial systems” .

[Feature image courtesy of Brad Garlinghouse on Twitter.]

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