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Brad Garlinghouse, CEO of Ripple Labs, remains optimistic about the crypto industry and prospects amidst the current bear market.
Addressing the latest developments in crypto space, Garlinghouse tells his 635K Twitter followers that despite a short term shrinking of the market, the future is still looking bright. will “shrink” over the short term, a bright future lies ahead for crypto.
“The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race.”
Garlinghouse also brings up the lay-offs in the crypto industry as of late. While others have been letting go of its people, Garlinghouse confirmed that his firm will keep hiring,
“Paying attention – what’s happening now is not a small market gyration. We’ve been preparing for this with a significant cash balance, and thus can afford to keep hiring the best talent with the goal of 50% outside the US.”
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The Ripple CEO did issue a warning nevertheless:
“Fair warning – we have a “no assholes” policy here.”
Earlier this week Coinbase announced to reduce its headcount by roughly 18% while other crypto exchanges Gemini and Crypto.com are also looking to make 10% and 5% of its workforce redundant.
Ripple Labs joins leading cryptocurrency exchanges Binance and FTX who have stressed that they will make use of the bear market to hire significant number of new employees. Binance is looking to bring in around 2000 new people to its team, while FTX CEO Sam Bankman Fried also confirmed to continue recruiting saying that “When others Zig, you Zag”.