Ripple, a prominent provider of blockchain and cryptocurrency solutions, announced on Thursday the opening of a new office in Canada.

In the face of the ongoing massive selloff and job cuts in the cryptocurrency market, the San Francisco-based crypto startup is still eyeing expansion, unfazed by the instability.

Ripple plans to employ 50 engineers for its Toronto base. One of its goals is to recruit hundreds of blockchain software developers, including data scientists and specialists in applied machine learning.

This will be Ripple’s first Canadian headquarters as they continue to expand throughout North America.

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According to Brad Garlinghouse, CEO of Ripple:

Ripple provides a variety of solutions, including cross-border payments and a complete platform for minting, maintaining, transacting, and eliminating central bank digital currencies (CBDCs).

The technology business is growing swiftly, yet human resources have long been a major issue.

As developers are a scarce commodity and the crypto industry is an even more specialized subsector, organizations are essentially competing to hire and keep this talent.

There is currently a patent migration from big tech to the blockchain sector or to ventures associated with what is regarded as the next technological step.

By mid-June, the market capitalization of global cryptocurrencies had decreased from approximately $2.26 trillion to $986 billion, a reduction of 56 percent over the preceding two and a half months, with companies such as Celsius and Terra faltering.

Based on reports, in the first three weeks of this month, crypto and blockchain companies ended the job contracts of around 1,700 staff.

Ripple has emphasized that one of its key objectives is to foster the growth of exceptional talent within the crypto and blockchain ecosystem.

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The new office in Toronto is part of the company’s objective to promote crypto-related innovation across Canada.

Ripple has already established a University Blockchain Research Initiative (UBRI) in the region and is collaborating with universities and colleges including the University of Waterloo and Toronto Metropolitan University.

Meanwhile, the ongoing legal dispute between Ripple and the US Securities and Exchanges Commission took a new turn when the court denied the SEC’s request to seal the proceedings.

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