The fintech company Ripple announced the opening of an office in Toronto. This is the first engineering hub in Canada that will support the company’s growth in North America.
\n\n
Initially, Ripple plans to hire 50 engineers for the new office. In the company’s longer-term plans, the firm aims to expand its staff to hundreds of blockchain developers, as well as specialists in the fields of machine learning and data.
\n\n
“Cryptocurrencies and blockchain provide incredible opportunities for engineers to tackle complex problems with the potential for these solutions to influence the movement of value worldwide,” said Ripple CEO Brad Garlinghouse.
\n\n
The company noted that they continue to hire while many players in the industry began staff reductions or paused their expansion. In 2021 Ripple opened offices in Miami and Dublin. By 2022, the firm announced plans to hire “hundreds of people.”
\n\n
“We at Ripple are a team of missionaries, creating breakthrough crypto-solutions to unlock broad economic opportunities for everyone, everywhere. This creates an exciting atmosphere,” said Devraj Varadhan, Senior Vice President of Development.
\n\n
Ripple has strong ties to Toronto’s tech community through its University Blockchain Research Initiative (UBRI). The program involves leading universities in the city, the company noted.
\n\n
“The cybersecurity research lab at Toronto Metropolitan University has helped accelerate impressive innovations in blockchain and digital payments through collaboration with UBRI. Ripple has shown that it is committed to providing the tools and resources needed to play a leading role in these efforts,” said Professor Atefeh Ashatan.
\n\n
Earlier, Garlinghouse noted that the company is facing a market downturn with a \”significant cash balance\” that will allow it to hire new employees.
\n\n
4/ Paying attention — what’s happening now is not a small market gyration. We’ve been preparing for this w/ a significant cash balance, and thus can afford to keep hiring the best talent w/ the goal of 50% outside the US. https://t.co/49kPgUxJnR
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
“In the near term, the market is likely to shrink. But I, like many others, am confident that cryptocurrencies will become an integral part of global financial systems in the future. Slow and steady wins the race,” he noted.
\n\n
As reported, Garlinghouse said that Ripple would consider an IPO after the conclusion of the U.S. Securities and Exchange Commission lawsuit.
\n\n
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.