Ripple to open its first office in Canada

The Toronto unit will become the company’s main engineering hub

23.06.2022 - 06:40

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What’s new? Ripple has announced the opening of its first office in Canada. According to CEO Brad Garlinghouse, the new office in Toronto will become the company’s main engineering hub. Ripple plans to hire more than 50 people for the new office, including scientists in applied machine learning, data processing, and product managers.

Announcement on the Ripple blog

What else did the head of the company say? Garlinghouse noted that while other crypto firms are downsizing, Ripple continues to expand. The company aims to hire hundreds of new employees in 2022. Over the past year, Ripple has opened offices in key cities around the world, including Miami and Dublin.

“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. We are continuing to scale and invest in our business by expanding our presence globally,” the head of Ripple added.

The blockchain company already has experience working in Canada. Ripple organized the University Blockchain Research Initiative (UBRI) and worked with leading educational institutions such as the University of Waterloo and Toronto Metropolitan University.

What is Ripple? It is a payment protocol created in 2012 by Ripple Labs for currency exchange and transactions. It is used by government financial institutions in Australia, Canada, and Israel. The platform has the native token XRP. The coin is ranked eighth in the ranking of cryptocurrencies by market capitalization with a figure of $15,83 billion, according to CoinGecko. As of June 23, 06:40 UCT, the asset is trading at $0,327, having gained 2,78% per day, according to Binance.

In June, Ripple (XRP) and FLUF World, an NFT platform, announced a joint launch of the blockchain, The Root Network, on the basis of which “The Open Metaverse” will be created. The new network initially supports bridges between the XRP Ledger (XRPL) and Ethereum (ETH) blockchains.

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