XRP News: Ripple Expands Its Offices To Canada For The First Time

By Kevin • June 22, 2022 6:43 pm • Comments

As part of Ripple’s plan to continue to expand its international presence, it was announced that the company has now opened its first office in Canada.

This new office serves the purpose of being an engineering hub that will develop the technology that is necessary for the Ripple blockchain to continue to scale and develop.

As part of this new office opening, it also comes with a hiring spree where the company will be hiring tech talent in order to develop the blockchain.

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Ripple remains one of the few blockchain companies that is able to continue to expand and hire aggressively during this crypto bear market where most blockchain companies are failing and doing layoffs.

As a result, investors believe this to be a sign of Ripple’s strong balance sheet and its ability to survive crypto winters just as it has been able to do for all previous crypto winters.

U.today reports:

Ripple will go on a hiring spree in Toronto, aiming to hire “hundreds” of blockchain software engineers in the long run.

As reported by U.Today, Garlinghouse said that the company would continue hiring in sharp contrast to other major cryptocurrency companies, such as Coinbase, that have dramatically reduced their workforce.

Ripple is sitting on a “significant” cash balance, which will make it possible for the company to weather the ongoing crisis.

In his statement, Garlinghouse says that a lot of talented engineers are leaving traditional finance to enter the cryptocurrency space.

Toronto Mayor John Tory says that Ripple will be “a perfect fit” for the city, praising the company’s “innovative technology.”

It is also essential for Ripple to be expanding its international presence due to its ongoing lawsuit with the SEC in the United States which proves that it cannot be too dependent on one country.

Last year, Ripple had also opened offices in Miami and Dubai which shows how committed the company is to achieving a business model where it will prosper even if it does lose the lawsuit with the SEC.

With that being said, the current progress with the lawsuit is currently heavily in favor of Ripple and a positive conclusion to the lawsuit could mean extremely positive news for existing XRP holders.

This is not the first time that Ripple has gotten involved in the crypto space within Canada.

Previously, the company had partnered with multiple Canadian universities as part of its University Blockchain Research Initiative (UBRI) program.

TechTalent.ca concludes:

In the past year alone, Ripple opened new offices in key cities including Miami and Dublin, and has plans to hire hundreds of people globally in 2022.

“At Ripple, we are a team of missionaries building breakthrough crypto solutions to unlock greater economic opportunities for everyone, everywhere, and that creates an exciting atmosphere,” says Devraj Varadhan, SVP of Engineering at Ripple.

“We are excited to tap into Toronto’s technical talent pool and add builders to address the unmet customer needs on behalf of global customers – our teams here will play a key role in driving Ripple’s innovations, ranging from blockchain protocol development and decentralized applications to machine learning and payment solutions.”

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