Ripple aims to hire 50 engineers for a new crypto hub in Canada in the face of the ongoing massive selloff and job cuts on the market so let’s have a closer look at today’s latest Ripple news.
Ripple is a prominent provider of blockchain and crypto solutions and recently it announced the opening of a new office in Canada. Now, Ripple aims to hire 50 engineers while the rest of the market is struggling with massive selloffs and job cuts. Ripple plans to employ 50 engineers for its Toronto base and one of the goals is to recruit hundreds of blockchain software developers, machine learning specialists, and data scientists.
This will be Ripple’s first Canadian headquarters as they continue to expand even further. According to the CEO Brad Garlinghouse:
“Cryptocurrency and blockchain give a great opportunity for engineers to solve complex issues, with the potential for these solutions to impact the global movement of value.”
Ripple provides plenty of solutions including cross-border payments and the complete platform for maintaining, minting, transacting, and eliminating the central bank’s digital currencies. The technology business is growing but human resources have always been an issue. As developers are a scarce commodity and the industry is even more specialized, the organizations are competing to hire and keep the talent. There’s a patent migration from big tech to the blockchain sector and other ventures associated with the next technological step.
By June, the market cap of global cryptocurrencies decreased from $2.26 trillion to $986 billion which is a reduction of 56% over the preceding two and a half months with the companies like Terra and Celsius collapsing. Garlinghouse added:
“Crypto is one of the most interesting areas to work in, so it’s no surprise that talent is quitting traditional financial and technology companies to enter this field.”
Based on the reports, in the first three weeks of the month, blockchain and crypto companies ended the job contracts of up to 1700 people. Ripple outlined that one of the key objectives is to foster the growth of talent in the blockchain ecosystem so now the new office In Toronto, will be a part of the company’s goal to promote crypto innovation across Canada. Ripple already established a University Blockchain Research Initiative in the region and it will collaborate with Universities and colleges like the Toronto Metropolitan University and the University of Waterloo. In the meantime, the ongoing legal dispute between the US SEC And Ripple is taking another turn as the court denied the SEC’s request to seal the proceedings.
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