Ripple Expanding to Toronto Canada | Planning For Crypto Innovation And Negative SEC Outcome?

2 min read

Ripple

Ripple Building Crypto Presence In Toronto, Ontario, Canada

In the face of the ongoing massive selloff and job cuts in the cryptocurrency market, the San Francisco-based crypto startup is still eyeing expansion, unfazed by the instability.

Ripple plans to employ 50 engineers for its Toronto base. One of its goals is to recruit hundreds of blockchain software developers, including data scientists and specialists in applied machine learning.

This will be Ripple’s first Canadian headquarters as they continue to expand throughout North America.

Ripple Hiring Engineers & Software Developers In Toronto, Ontario

According to Brad Garlinghouse, CEO of Ripple:

“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 a variety of solutions, including cross-border payments and a complete platform for minting, maintaining, transacting, and eliminating central bank digital currencies (CBDCs).

The technology business is growing swiftly, yet human resources have long been a major issue.

Image: Ledger Insights

As developers are a scarce commodity and the crypto industry is an even more specialized subsector, organizations are essentially competing to hire and keep this talent.

There is currently a patent migration from big tech to the blockchain sector or to ventures associated with what is regarded as the next technological step.

By mid-June, the market capitalization of global cryptocurrencies had decreased from approximately $2.26 trillion to $986 billion, a reduction of 56 percent over the preceding two and a half months, with companies such as Celsius and Terra faltering.

XRP total market cap at $17.76 billion on the weekend chart | Source: TradingView.com

Toronto Ripple’s Canadian Hub For Crypto Innovation

“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,” Garlinghouse said.

Based on reports, in the first three weeks of this month, crypto and blockchain companies ended the job contracts of around 1,700 staff.

Ripple has emphasized that one of its key objectives is to foster the growth of exceptional talent within the crypto and blockchain ecosystem.

The new office in Toronto is part of the company’s objective to promote crypto-related innovation across Canada.

Ripple has already established a University Blockchain Research Initiative (UBRI) in the region and is collaborating with universities and colleges including the University of Waterloo and Toronto Metropolitan University.

Meanwhile, the ongoing legal dispute between Ripple and the US Securities and Exchanges Commission took a new turn when the court denied the SEC’s request to seal the proceedings.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Celrbug.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods or services mentioned in this article.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Celrbug.com makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Celrbug.com is not an investment advisor. We do not give personalized investment other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Via this site