In the wake of its recent legal tussle with the United States Securities and Exchange Commission (SEC), Ripple is charting a new course towards bolstering its compliance efforts, and it’s doing so in a way that signifies a profound shift in strategy. The blockchain-based payments juggernaut has just made a significant move, as reflected in its latest job posting.
The Pursuit of Compliance Excellence
Ripple is on the hunt for talent that can enhance its compliance measures, especially in response to the ever-evolving landscape of sanctions and regulations. A recently advertised position, dubbed “Web3 Specialist, Global KYC & Due Diligence,” seeks individuals to play a pivotal role in Ripple’s quest to fortify its regulatory posture. The job comes with a competitive pay range of $85,000 to $106,000 and is geared towards robust due diligence aimed at mitigating risks tied to regulatory compliance, reputational standing, and sanctions. Ripple’s goal is clear: to align with Anti-Money Laundering (AML), Counter-Terrorist Financing, and Economic Sanctions regulations such as the Bank Secrecy Act (BSA) and the USA PATRIOT Act.
Monica Long, a prominent figure at Ripple in the United States, emphasized the company’s renewed strategy, stating, “We are very excited about this because we now have clarity on how Ripple will conduct its business in the future. And we are resuming operations in the US market.” This declaration underscores Ripple’s unwavering commitment to the U.S. market and its determination to operate within the boundaries of regulatory compliance.
A Global Talent Hunt for Expansion
Even in an industry where layoffs have become commonplace, Ripple stands out as a beacon of growth and expansion. According to data from GlobalData, a leading data analytics firm, Ripple has taken a bold step by increasing its job postings by a noteworthy 26.9% during the January-April 2023 period compared to the same period in the previous year. While hiring trends within the U.S. have experienced a modest dip, Ripple has significantly ramped up its recruitment efforts in countries such as Canada, Poland, India, and beyond.
Sherla Sriprada, Business Fundamentals Analyst at GlobalData, shed light on this strategic shift, noting, “Ripple’s decision to primarily hire employees from outside the US reflects a strategic move towards global expansion, accessing international talent while also overcoming regulatory challenges in the US by diversifying its presence in other markets.” In essence, Ripple is spreading its wings globally, signaling its intent to expand its operations beyond the confines of any single market.
XRP’s Struggle Amid Ripple’s Growth
Despite Ripple’s impressive growth trajectory, its native cryptocurrency, XRP, continues to face headwinds in the market. Data from Coinmarketcap reveals that XRP has dipped by 4.15% in the last day, trading at $0.5038 at the time of this writing. Ripple’s journey toward compliance and global expansion is undoubtedly intriguing, but it remains to be seen how these efforts will impact the fortunes of XRP in the long run. Stay tuned for updates on Ripple’s evolving strategy and its quest for compliance excellence on the global stage.