Rumor has it that the one-year-long Bitcoin (BTC) crash has hit Ripple, deemed one of the top 50 fintech companies to watch by Forbes, quite hard. In fact, per sources, the San Francisco-headquartered company lost a key member of its C-Suite just recently.
Ripple Shows Chief Marketer The Door, XRP Unaffected
According to an exclusive from The Block’s Frank Chaparro, Cory Johnson, a former Bloomberg Television anchor, was dropped from his stint at Ripple just recently. Chaparro, who cited a company spokesperson, wrote that Johnson’s position as a chief market strategist — (he was effectively the face of the company) — was “scrubbed from the company’s leadership page.”
Unnamed company spokespeople told The Block that Johnson’s role was a “success in representing the company to investors, press, and regulators.” The people even stated the Bloomberg alumni helped Ripple’s internal strategy, along with broader industry education.
Yet, in an evident sign of the dismal times, it was then explained that “due to changes in market conditions,” hinting at the likely hefty price tag that comes with hiring Johnson, Ripple’s higher-ups decided to purge the role of chief market strategist.
Johnson’s social media and professional profiles reflect this change. On Twitter, his bio makes no mention of Ripple. But interestingly, the fintech upstart’s Twitter profile still follows Johnson. Anyhow, this sudden shift in strategy has been 100% confirmed. The former Bloomberg editor has yet to indicate where he plans to pick up a job next. But considering his skill set, he may choose to only double-down on his involvement in financial technologies that involve blockchain-related innovations.
XRP, Ripple’s go-to crypto asset, has not been affected by this move. As of the time of writing, it is up a mere 0.34% in the past 24 hours, finding itself selling for $0.3056 apiece.
Crypto Winter Hits Startups Hard
While Ripple is likely doing just fine, especially considering its supposedly vast reserves, this move only underscores the effect that the crash in the value of cryptocurrencies has had on industry professionals.
Mere weeks ago, Liqui, a Ukranian crypto exchange, revealed that it, ironically enough, couldn’t provide liquidity due to financial constraints, and would thus be shuttering its platforms. Days earlier, Giga Watt, a U.S.-based Bitcoin mining upstart, closed up shop, divulging it was unable to provide its offerings following its Chapter 11 bankruptcy case. Bitmain, Huobi, ShapeShift, Blockfolio, BlockEx, Steemit, SpankChain, and ETCDEV are among other notable industry participants to have either folded or laid off employees to extend their financial runway.
If the value of digital assets continues to plummet, who knows who will be left standing after the dust settles. Yet, one industry commentator, Travis Kling of Ikigai, claims that to warrant the next Bitcoin bull run, more of these shortcomings will need to show their ugly faces.
Title Image Courtesy of Samuel Zeller on Unsplash