Key takeaways:
- Brad Garlinghouse has stated that Ripple has been preparing for crypto winter with a significant cash balance; thus, the company can keep hiring.
- As someone who has weathered a few downturns over the years, Mr. Garlinghouse believes the crypto bear market ‘too shall pass.’
- He also requests regulator clarity regarding whether XRP is a security or not.
Ripple CEO Brad Garlinghouse has chimed in on the ongoing crypto-verse layoffs by stating that the company has been preparing for such a market downturn by having a significant cash balance. As a result, Ripple ‘can afford to keep hiring the best talent with the goal of 50% outside the US.’
https://rtwitter.com/bgarlinghouse/status/1536496426263498754
The Crypto Bear Market Shall Pass.
Mr. Garlinghouse shared his insights through an encouraging Twitter thread that was kicked off by him, pointing out that he has weathered a few downturns over the years. Therefore, the ongoing crypto winter will pass. He said:
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).
Ripple Has Been Building Products With Long-term Utility.
In addition, he pointed out that the team at Ripple consists of a team that ‘has been through the dot com bubble, 2008 financial crisis, 2018 crypto winter and more.’
Furthermore, Mr. Garlinghouse explained that the company was focused on building ‘enterprise products with long term-utility, not speculation.’
Ripple CEO Requests Regulatory Clarity on XRP.
With respect to XRP, Brad Garlinghouse requested regulators to provide the clarity needed to move forward. He said:
Operating with transparency – as a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are key to being a responsible stakeholder. We’ve been asking for regulatory clarity for years, and been upfront about what is/isn’t working.
Crypto Will Succeed in the Future – Brad Garlinghouse
Mr. Garlinghouse concluded his Twitter thread in an optimistic tone stating that although the markets will shrink in the short term, he sees a future where crypto will succeed and become an ‘integral part of our global financial systems.’
[Feature image courtesy of Brad Garlinghouse on Twitter.]