Ripple Labs, a fintech and blockchain business, stated its goal to recruit hundreds of employees over the next several years in a statement on June 22 after announcing the launch of a new office and plans to hire 50 engineers in Toronto, Canada.

In reality, Ripple CEO Brad Garlinghouse revealed in a video of the branch opening broadcast on the firm’s Twitter page on July 31 that the company picked Toronto as the site for its technical base. Garlinghouse described Toronto as a city with “excellent engineering knowledge.”

He also said that Ripple would recruit 50 new employees in its Toronto headquarters by the end of the year, with an additional 100 to 200 hired in the years to come:

“I believe you are all aware that we want to employ 50 individuals this year, with the goal of adding 100 or 200 in the next years.” (…) It isn’t simply about asset decentralization. “Talent is becoming more distributed.”

“While our technical teams aren’t massive, there are still enough individuals for us to operate in very productive teams, and your ideas and contributions have a substantial influence at scale. I’ve got the opportunity within my team to work on various projects at the same time, which is nearly unheard of.”

Mohit Doshi, a Ripple software developer, outlined the blockchain company’s opportunities

Ripple recently announced the opening of its Toronto office, with the goal of making the city a significant technological center for blockchain and cryptocurrency solutions, as well as making it easier for the company to grow its operations in the area and throughout the globe.

Despite the extended crypto winter and an expensive legal fight with the US Securities and Exchange Commission (SEC) since December 2020, this is just one component of Ripple’s development plans.

In mid-March, the company offered one billion XRP tokens, which were valued at around $790 million at the time, to help project developers build on its payment-focused ledger. The tokens will be dispersed over the next ten to twenty years.

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