Ripple aims to continue hiring outside the US amid surging demand for its payments, liquidity hub, and central bank digital currency services.
Ripple’s Europe head Sendi Young said that the firm “is in talks with over a dozen governments around the world” for the development of CBDCs.
The governments will use Ripple’s blockchain-based technology to issue their CBDCs. In May, Ripple launched a dedicated CBDC platform to help central banks, governments, and financial institutions around the world in the issuance of CBDCs and stablecoins.
Central banks are increasingly prioritising CBDCs amid growing popularity of blockchain-based digital payments. Nineteen countries among the G20’s cohort are now in an advanced stage of CBDC development, according to US-based think tank Atlantic Council.
“A lot of discussions with central bank regulators continue. We hope to announce more partnerships soon,” Young told Financial News.
CBDC provides a digital version of a country’s fiat currency. With CBDCs, central banks eliminate the threat of price volatility as their values remain fixed.
While most of the global central banks are still in the research stage, countries like India and China have already launched CBDC pilots. With more than 260 million wallets, China’s CBDC pilot has remained the most successful project in the global CBDC ecosystem.
Ripple hit a valuation of $15bn in 2022 after buying back shares from its Series C funding round. The company, which offers blockchain-based services — has already collaborated with five governments for CBDC pilots, including the Republic of Palau, the Royal Monetary Authority of Bhutan, Montenegro, Colombia, and the Hong Kong Monetary Authority.
“Banks are the main components of existing financial system and Ripple’s position has always been about working with existing players in the system to bring changes,” Young said.
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Young’s finance career has spanned some two decades, starting out as a Morgan Stanley intern in 2004 before moving to HSBC, where she managed global payments. She later moved to Mastercard where she held various roles including the global lead for fintech and digital segment.
“We are constantly in conversation with banks and other traditional financial firms,” Young said.
Ripple is still battling a US lawsuit with the Securities and Exchange Commission which started in December 2020, for allegedly selling $1.3bn in unregistered securities in the form of XRP tokens.
In a July 2023 ruling, US district judge Analisa Torres determined that Ripple didn’t violate federal securities law by selling XRP on public exchanges.
Young said the July ruling was a “big win” for the crypto industry. “However, there is still regulatory uncertainty in the US,” she added.
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The roadblocks in the US have shifted Ripple to turn its focus towards international markets. In a September interview with Bloomberg, Ripple CEO Brad Garlinghouse said that the firm will do 80% of its hiring in 2023 outside the US.
Over the past year, the firm has added 350 employees globally to its 900 headcount. Ripple’s London office now has more than 100 employees, compared with 50 at the start of 2022.
“London has a fantastic legacy of financial talent and investments. Opportunity is certainly there. In some cases, we have a lot more clarity from the FCA and some important work is going on in terms of writing a crypto regulatory framework,” Young said.
“I think London is on a good track. The challenge for the UK is not to lose momentum and continue the work that they have already started,” she added.
To contact the author of this story with feedback or news, email Bilal Jafar
