Still mired in legal action with the SEC, Ripple is hiring in U.S., London and Singapore for new plans?
The global payments company Ripple may be looking to build a crypto market-making platform for XRP and actively recruit ten staff across three cities.
Does Ripple have a plan for XRP?
According to CoinDesk’s Will Canny, Ripple is looking to build a platform that creates a crypto market and hires staff in London and Singapore.
Source: Careers and Job at Ripple
The company is looking to hire up to 10 people and is focused on initially hiring a crypto trader with experience in arbitrage between different exchanges and a sales and marketing staff tasked with building relationships with liquidity providers and exchanges. The new group will be divided into London, New York, and Singapore.
A recent job posting for an institutional markets analyst said Ripple’s vision of the internet of value requires digital asset efficiency and a healthy crypto market, and robust liquidity is a core component of making that vision a reality.
Launching its market-making platform will allow Ripple to manage liquidity in XRP, especially if other liquidity providers have stopped doing so.
As you may know, last December, the U.S. Securities, and Exchange Commission (SEC) charged Ripple with raising more than $1.3 billion in XRP sales in allegedly unregistered securities offerings.
After this news, the XRP price plummeted within the next few days, and many significant exchanges in the US and globally started delisting XRP. In it, Coinbase and other US exchanges have also suspended XRP trading following the lawsuit. Also, high-frequency trader Jump Trading and financer Michael Novogratz’s Galaxy Digital had stopped making markets in the token.
After that, the development of the lawsuit between Ripple and the SEC had many positive changes; the price of XRP also increased again above $ 1. Although XRP and Ripple are fundamentally linked, they function as two separate identities. Ripple is a fintech company focused on global payment services, while XRP is a digital asset intended for microtransactions, remittances, and online payments.
However, it is known that Ripple has rectified that the firm is not currently looking to build a market-making platform for XRP.
At press time, XRP is changing hands at $1.07, slight decrease in the last 24 hours.
Read more:
- XRP Holders Sue Apple For Listing Apps That Lose Their Money
- Ripple And Some Large Crypto Exchanges Have Shifted Over 147 Million XRP At $1.09, What’s Next?