Crypto company Ripple Labs recently announced that it is planning on employing 50 engineers in Toronto, Canada.
The plan was confirmed by the company via a Twitter post and it is going to begin the recruitment drive, as soon as it unveils its office in the Canadian city.
The chief executive of Ripple, Brad Garlinghouse posted a short clip in which he referred to Toronto as a city that has great engineering talent.
According to the CEO, they had been drawn to Toronto because of its excellent engineering talent and this had driven the company to establish its engineering hub in the city.
He also disclosed that they were going to hire 50 people before the end of 2022. In addition, the CEO also stated that subsequent years would see them hiring an additional 100 to 200 people.
Garlinghouse said that talent was also becoming decentralized, the same way as assets.
Mohit Doshi, a software engineer at Ripple, assessed the opportunities that had been availed by the company.
According to Doshi, even though Ripple Labs does not have a huge engineering team, it is still quite effective. He also added that the contribution and ideas of users had had a significant impact.
Doshi said that he had also participated in a number of projects with the Ripple team.
Ripple Labs is aiming to distinguish itself as a leading provider of crypto and blockchain solutions in the industry.
Therefore, the company has decided to accelerate its efforts in terms of expanding its operations in North America, along with other regions around the world.
The company does not want to focus on the US market alone, as things are getting a bit difficult for it in terms of regulatory scrutiny.
The company is currently embroiled in a legal tussle with the US Securities and Exchange Commission (SEC). The battle has been ongoing for two years now and is expected to settle in the next year.
The SEC had brought the lawsuit against the crypto solutions provider back in December 2020 and it charged the company for selling unregistered securities worth $1.3 billion.
According to the SEC, the XRP token that the company has marketed as crypto is a security and it has not been registered with the regulatory agency.
However, the legal battle completely changed direction recently after the SEC was ordered by the court to disclose the ‘Hinman Speech’.
The document in question could help Ripple in its defense and it has accused the SEC of concealing it deliberately.
Therefore, it appears that things might swing in favor of the company if the document does turn out to be as advertised.
Even though it is going through a crisis, the company staked about 1 billion XRP tokens. It was done for providing developers with funds for building their payments-focused ledger.
Valued at $790 million, the ledger is expected to be allocated in the next decade or so. CoinMarketCap data shows that XRP’s current price is $0.376742.