Hundreds of billions of dollars were wiped out from the cryptocurrency market in recent days, sell-offs spread like fire and major crypto companies reported the job cuts. Meanwhile, Ripple’s CEO Brad Garlinhouse says his company will continue hiring despite the severe market downturn.
In his recent Twitter thread, Garlinghouse addressed the community, stating that the bear markets will pass, as they did before. And despite the fact that the market will shrink in a short term, he has “every ounce of confidence” that crypto will succeed in the future as an integral part of the global financial systems.
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
Slow and steady wins the race, the CEO of Ripple stated noting that his crypto payment company will continue on global expansion. According to Garlinghouse, Ripple has been preparing for downturns like the current one and has a significant balance sheet that lets the company keep hiring new employees.
The executive has not specified how many new staff will be hired, however, noted that half of the vacancies will be outside the United States. As seen on the current Ripple Labs website, the company is currently offering more than one hundred open job positions across 15 different locations worldwide.
Why Ripple Survived Earlier Bear Markets
In his further tweets, Brad Garlinghouse highlighted several key reasons, that helped his company to weather the cyclical bear markets and continue to grow.
As the most important one Ripple’s CEO named the experience of the team. According to him, Ripple’s executives have been tested by multiple previous downturns and bear markets, including the dot-com bubble burst in the early 2000s, the financial crisis of 2008, the crypto winter of 2018, and many smaller ones.
He further named the focusing on long-term as the second most important reason that helped fight the bear markets. “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,” he stated.
Garlinhouse then named transparency in the company’s operating model and communication as the third major thing. According to him, accountability to the investors, including the quarterly market reports is the key to being a responsible stakeholder. “We’ve been asking for regulatory clarity for years, and been upfront about what is/isn’t working”, Ripple’s CEO stated.
Finally, he mentioned “paying attention” as the last reason that helped his company successfully weather the market downturns. “What is happening now is not a small market gyration. But we have been preparing for this with a significant cash balance” Garlinhouse added.
Last month, when speaking to CNBC in Davos’ Word Economic Forum, The CEO of a cross-border blockchain payment company revealed that Ripple is working through its growth stage and is looking at various segments of the crypto industry for potential mergers and acquisitions.
“The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race, the CEO concluded.
The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race.— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
XRP Price Dropped
In the meantime, the price of Ripple’s native coin XRP has been on a roller-coaster for the past 24 hours. The coin dropped over 9% to test the lows of $0.2961 on Tuesday before recovering back to the $0.3235 levels. As of the time of writing, XRP trades at $0.3166 according to CoinMarketCap. This is still 26% lower than the $0.409 XRP price on Sunday, June 10, when severely bearish sentiments occupied cryptocurrency markets.