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Ripple Executive Makes Unexpected Offer to FTX Employees: Details

Fri, 11/11/2022 - 09:32
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Gamza Khanzadaev
Ripple executive sees opportunity in FTX crash as company actively evolves
Ripple Executive Makes Unexpected Offer to FTX Employees: Details
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David Schwartz, chief technology officer at Ripple, has hinted at the possibility of FTX employees pursuing a career at the crypto payment company. Earlier, a similar offer was made by Schwartz to Twitter employees, who had been subjected to massive cuts as a result of the management change and the arrival of Elon Musk.

The offers from the Ripple CTO follow the company's need and willingness to expand its workforce. As reported by U.Today, Ripple currently has more than 350 vacancies in Asia and North America. For example, a famous crypto blogger, Ben "BitBoy" Armstrong, even tried to get a job as Ripple's director of strategy in Singapore.

Likelihood of Ripple being sold to Big Techs

As well as offering jobs to employees of the defunct FTX, Schwartz also commented on the possibility of Ripple being sold to a company like Apple or Microsoft.

According to the company's technical person, this is unlikely, if only because of the presence of the XRP factor. Even if Ripple's cryptocurrency reserves are resolved, it is still unclear why a sale would happen, Schwartz says.

Nevertheless, if any interested company wants to buy RippleNet, it is theoretically possible to spin off the technology and sell it, and XRP and RippleX would become separate entities. However, there is absolutely no attribution to this, he concluded.

Recall that Ripple escrow accounts hold 44 billion XRP, less than 50% of the cryptocurrency's total supply.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.