Ripple to Hire 80% of New Employees Outside US – How and Why?

Ripple, a leading provider of blockchain technology, is making a big change to its hiring strategy. The company plans to hire more than 80% of its new employees outside of the United States this year.

This move is a response to the ongoing regulatory challenges that Ripple faces in the US. The Securities and Exchange Commission (SEC) is suing Ripple, alleging that it sold XRP, its native cryptocurrency, as an unregistered security.

A New Era for Ripple

Ripple, a renowned player in the cryptoc­urrency industry, is currently undergoing a significant shift in its hiring approach. In light of an ongoing legal dispute with the SEC, the company has now turned its attention to attra­cting international talent. Ripple has announced that over 80% of its new hires this year will be sourced from outside the United States.

Global Focus is Key

Garlin­ghouse clearly stated that Ripple’s primary focus for hiring would be on international markets. Specif­ically, their attention would be directed towards Singa­pore, Hong Kong, the United Kingdom, and Dubai. 

He expressed frust­ration while highli­ghting the favorable stance of governments in these regions towards the cryptoc­urrency industry. 

Garlinghouse noted, 

“It’s super frustrating that you see markets like we have here in Singapore, where governments are partnering with the industry, providing clear rules, and you’re seeing growth. That’s why Ripple is hiring there.”

This is Now a Ripple vs. Gensler Battle

This action eventually becomes perceived as a response to the regul­atory challenges that Ripple has faced on its home ground. Specif­ically, it addresses the concerns arising from the leade­rship of SEC Chair Gary Gensl­er.

Garlin­ghouse expressed his frust­ration with Gary Gensler’s regul­atory approach. He vividly expressed his sentiment by comparing Gensler to a hammer, sugge­sting that every issue is seen as a nail in his hands. 

This statement reflects the ongoing struggle between Ripple and the Secur­ities and Exchange Commi­ssion (SEC) regarding the classif­ication of XRP.

Ripple’s Strategic Moves

Ripple is not only altering its hiring approach but is also making waves through its recent acquisition of Fortress Trust, a trusted crypto custodian service.

Fortress Trust recently faced a significant security breach, leading to the compromise of certain customer funds. In a swift response, Ripple stepped in to assist affected customers by reimbursing their lost funds, ensuring their financial stability.

Ripple’s pivot towards recruiting beyond national borders showcases its adaptability in the ever-evolving U.S. regulatory landscape. The acquisition of Fortress Trust remains a pivotal element of their strategic roadmap.