Ripple official Sendi Young evaluated the collapse in the crypto industry.
Speaking to London-based media giant Financial News, Ripple’s General Manager in Europe, Sendi Young, said that the collapse in the crypto money industry was due to an unfavorable macroeconomic environment.
Ripple Official Undecided on Trend
Young says it will be difficult to predict whether the crypto industry has reached the bottom of the correction, given the increasingly strong correlations of the crypto industry with traditional exchanges.
Young stated that the change in technology is more important than short-term price performance.
Ripple official stated that many crypto money projects continue to raise funds despite the decline in the markets.
Despite the collapse in the industry, Ripple continues to recruit. Huge firms such as Coinbase, the largest US crypto exchange, and Gemini, the Winkevoss brothers’ crypto exchange, have significantly reduced their staff numbers. Ripple has confirmed that they will hire more staff in the future.
Ripple CEO Brad Garlinghouse stated that the company has the finances to weather this storm.
Ripple and SEC Litigation Continues
Also speaking about Ripple’s lawsuit with the US Securities and Exchange Commission (SEC), Young stated that regulatory uncertainty jeopardizes innovation in the cryptocurrency industry. Young also praised the UK, Japan, and European Union regulators for taking a leading role in regulating cryptocurrencies.
