Ripple CEO Brad Garlinghouse is optimistic about the future of the crypto industry despite the market downturn.
Garlinghouse says that while the market will “shrink” over the short term, a bright future lies ahead for crypto.
“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.”
Addressing the spate of layoff announcements that have rocked the crypto industry in the recent past, Garlinghouse says Ripple will go against the trend and keep recruiting.
“Paying attention – what’s happening now is not a small market gyration. We’ve been preparing for this with a significant cash balance, and thus can afford to keep hiring the best talent with the goal of 50% outside the US.”
Crypto firms recently announcing layoffs include US exchange Coinbase. The crypto exchange’s CEO, Brian Armstrong, revealed earlier this week that Coinbase will reduce its workforce by around 18%. The announcement came less than two weeks after Coinbase placed hiring freeze.
Digital asset exchanges Gemini and Crypto.com have also announced job cuts over the past 14 days. At the beginning of the month, the founders and top executives of the US-based exchange Gemini, Tyler and Cameron Winklevoss, indicated the exchange would cut about 10% of its workforce.
And over the weekend, the CEO of the Singapore-based Crypto.com announced the exchange would part ways with 5% of its workforce, or approximately 260 of its employees.
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