Ripple, a leading provider of blockchain and cryptocurrency solutions, announced Thursday the opening of a new office in Canada. Amid the ongoing sell-off and job cuts in the crypto market, the San Francisco-based crypto startup is still considering expansion, undeterred by the instability. Ripple plans to hire 50 engineers for its Toronto base. One of their goals is to recruit hundreds of blockchain software developers, including data scientists and applied machine learning specialists. This will be Ripple’s first Canadian headquarters as Ripple continues to expand across North America.
Wanted: Ripple Engineers & Software Developers
Cryptocurrencies and blockchain present a tremendous opportunity for engineers to solve complex problems, with these solutions potentially impacting the global movement of value. Ripple offers a variety of solutions, including cross-border payments and a complete platform for minting, holding, trading and clearing central bank digital currencies (CBDCs). The technology business is growing fast, but human resources have long been an important issue.
With developers being a rare commodity and the crypto industry being an even more specialised sub-sector, organisations essentially compete to hire and retain this talent. it is considered the next technological step. By mid-June, the global cryptocurrency market cap had declined from about $2.26 trillion to $986 billion, a 56 per cent drop from two and a half months earlier, with the likes of Celsius and Hesitant Terra.
Choosing Toronto For Crypto Innovation
Crypto is one of the most exciting areas to work in, so it’s no surprise that talent is leaving traditional finance and technology companies to enter this space,” Garling-house said. Cryptocurrency and blockchain companies have reportedly terminated the employment contracts of around 1,700 employees in the first three weeks of this month. Ripple hasemphasisedd that one of its main goals is to encourage the growth of exceptional talent within the cryptocurrency and blockchain ecosystem.
The new Toronto office is part of the company’s goal of fostering crypto-related innovation across Canada. Ripple has already established a University Blockchain Research Initiative (UBRI) in the region and is working with universities and colleges, including the University of Waterloo. And the Metropolitan University of Toronto. Meanwhile, the ongoing legal battle between Ripple and the Securities and Exchange Commission took a new turn when the court denied the SEC’s motion for dismissal.