Despite the bearish in the crypto which has made almost all the crypto firms stop hiring or trying to reduce their employees, Garlinghouse of Ripple says they were able to weather the previous market bear downturns by having the experienced executives, focusing on the long-term and operating with transparency.
“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,” Brad Garlinghouse added.
He went further giving word to some of the new members in the crypto industry that they should be sure that this time of bearish shall pass.
In a recent Twitter thread, Ripple CEO Brad Garlinghouse weighed in on the late crypto crash, arguing that the market will probably “shrink” in the near term.
Reasons why Ripple is surviving despite cyclical bear markets
- Apart from the above reason mentioned, the continuous intake of the experienced executive that has been through the financial crisis in 2018, 2018 crypto winter, dot com bubble, and more.
- Ability to focus on the long term, Ripple has been building enterprise products that solve issues today, not the one in search of problems. FYI – Q2 ODL volume (well over $1B) already surpassed its target 3 weeks before EOQ.
- Transparency operation, as a holder of the XRP, we agree communication and transparency (including our Quarterly Markets Reports) are keys to being a responsible stakeholder. We’ve been asking for regulatory clarity for years, and to be upfront about what is/isn’t working.
- Paying good attention, he mentioned that what is happening is not market gyration. We’ve been preparing for this w/ a significant cash balance, and thus can afford to keep hiring the best talent w/ the goal of 50% outside the US.
With the short clarification done by the Brad Garlinhouse, the mind of the community were relieved and their hope was up and they are optimistic.
A week ago, Ripple, the leader in enterprise blockchain and crypto solutions, has announced a partnership with Lunu to support the Berlin-based company’s luxury retailers in accepting cryptocurrency as a form of payment in-store and online using Ripple’s Liquidity Hub.