Fintech company Ripple has announced that it will open an office in Toronto. This is the first engineering center in Canada, supporting the company’s growth in North America.

Initially, Ripple plans to hire 50 engineers for the new office. Other goals of the company are to expand the staff to hundreds of blockchain developers, as well as experts in the machine learning and data fields.

“Cryptocurrencies and blockchain provide an incredible opportunity for engineers to tackle complex problems with the potential of these solutions to impact value movements around the world,” said Brad Garlinghouse, Ripple CEO.

The company noted that it continues to hire experts as many industry players begin layoffs or suspend their expansion. In 2021, Ripple opened offices in Miami and Dublin. The firm announced that it plans to hire “hundreds of people” for 2022.

“We at Ripple are a team of missionaries creating disruptive crypto solutions to unlock great economic opportunities for everyone, everywhere. It creates an exciting atmosphere,” says Devraj Varadhan, Senior Vice President of Engineering.

Ripple has strong ties to the Toronto tech community through the University Blockchain Research Initiative (UBRI). The company emphasized that the city’s leading universities participated in the program.

“The Toronto Metropolitan University Cybersecurity Research Lab has partnered with UBRI to help accelerate exciting innovation in blockchain and digital payments. “Ripple has demonstrated its commitment to providing the tools and resources needed to play a leading role in this effort,” Professor Atefeh Ashatan said.

Earlier, Garlinghouse stated that the company is facing a downturn in the market with “significant cash balances” that will allow it to hire new employees.

4/ Attention – what’s happening right now is not a small market turnaround. We’re preparing for this with a substantial cash balance, so we can continue to recruit the best talent outside the US with the 50% target. https://t.co/49kPgUxJnR

— Brad Garlinghouse (@bgarlinghouse) 13 June 2022

“In the near future, the market is likely to decline. But I and others are confident that cryptocurrencies will become an integral part of global financial systems in the future. You go quieter – you will continue, ”she stressed.

Recall, Garlinghouse said that Ripple will consider the possibility of going public after the trial with the US Securities and Exchange Commission is complete.

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