Ripple has announced that the company has opened a new office in Toronto, Canada and intends to employ 50 engineers with the objective of expanding to hundreds of blockchain software developers, including applied machine learning scientists and data scientists.
The office is expected to play a significant role as an important technology hub in terms of blockchain and cryptocurrency solutions, as well as make it easier for Ripple to expand its operations in North America and other locations across the globe, as per the statement released by the Ripple team on June 22.
Interestingly, the announcement from Ripple comes after other crypto exchanges and firms located in a variety of geographies announced huge staff reductions in response to the ongoing crypto winter.
The CEO of Ripple, Brad Garlinghouse, said:
“Crypto and blockchain present an incredible opportunity for engineers to tackle difficult problems, with the potential for these solutions to impact the movement of value around the world. Nearly every financial institution is coming up with its crypto strategy to take advantage of this technology that will underpin our future global financial systems.
“Crypto is one of the most thrilling industries to work in, so it’s no surprise that talent is leaving tech incumbents and traditional finance to enter this space.”
Ripple hires amid a crypto bear market
In the first three weeks of June 2022, crypto and blockchain companies reportedly let go of more than 1,700 employees, as stated in a report by Business Insider.
Ripple has said that one of its primary goals is to encourage the development of high-caliber talent inside the crypto and blockchain ecosystem. The company’s new office in Toronto is part of its strategy to encourage crypto-related innovation throughout Canada.
At the beginning of this month, Ripple announced that it would partner with Lunu to accelerate the widespread adoption of cryptocurrency assets across the European continent.
Ripple has expanded its footprint over the course of the last several years by establishing offices in various locations across the globe. These locations include the company’s offices in Miami and Dublin. Ripple has plans to expand its workforce by the hundreds in 2022 across all of its locations located across the world.
Meanwhile, the continuing legal conflict between the Securities and Exchanges Commission (SEC) and blockchain company Ripple took yet another twist when the presiding judge dismissed the regulatory agency’s plea to seal the proceedings.