2022-6-14 10:14 |
The head of Ripple Brad Garlinghouse urged not to be afraid of a downturn in the crypto industry.
Ripple CEO Brad Garlinghouse on Twitter urged not to be afraid of a downturn in the crypto industry. First of all, he emphasized that he had seen this more than once, and it always passed.
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).
Brad Garlinghouse noted that this is not always easy, but Ripple withstood it with dignity and will endure for the following reasons:
1) Having an experienced exec team that has been through the dot com bubble, 2008 financial crisis, 2018 crypto winter and more. 2) Focusing on the long term – Ripple has been building enterprise products with long-term utility NOT speculation. These are products that solve problems today, not ones in search of a problem. FYI – Q2 ODL volume (well over $1B) already surpassed its target 3 weeks before EOQ. 3) Operating with transparency – as a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are key to being a responsible stakeholder. We’ve been asking for regulatory clarity for years, and been upfront about what is/isn’t working. 4) Paying attention – what’s happening now is not a small 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.
Summing up, he wrote:
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.
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