Ripple Is Looking to Build a Market-Making Platform for XRP

Ripple Is Looking to Build a Market-Making Platform for XRP

Blockchain Featured Technology
September 17, 2021 by Kofi Ahmed
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The company, still mired in legal action in the U.S., is hiring in both London and Singapore.
Ripple Is Looking to Build a Market-Making Platform for XRP

Ripple, the global payments company, is looking to build a crypto market-making platform and is currently trying to hire staff in both London and Singapore, according to a person with knowledge of the matter.

The firm is looking to recruit as many as 10 people in total and is focused on initially hiring a crypto trader with experience of arbitraging between different exchanges, and a marketing and sales person, who will be tasked with building relationships with liquidity providers and exchanges, the person said.

The new team will be split between three hubs: London, New York and Singapore.

Last December, the U.S. Securities and Exchange Commission (SEC) announced it had filed an action against Ripple Labs and two of its executives, alleging they had raised more than $1.3 billion in XRP sales in what amounted to an unregistered and ongoing securities offering.

The news not only sunk the price of XRP but within days it was reported that both high-frequency trader Jump Trading and Mike Novogratz’s Galaxy Digital had stopped making markets in the token. Coinbase and other U.S. exchanges also suspended XRP trading following the lawsuit.

In a sign that some of these woes may be behind the firm, XRP’s price has risen back above $1 and feedback from the court case has generally been positive.

A recent job posting for an institutional markets analyst position said Ripple’s “vision of an internet of value requires digital asset efficiency and a healthy crypto market, and robust liquidity is a core component of making that vision a reality.’’

Launching its own market-making platform would allow Ripple to manage liquidity in XRP, especially if other liquidity providers have retreated from doing so.

While XRP and Ripple are fundamentally linked, they operate as two distinct identities. Ripple is a fintech company with a focus on global payment solutions, while XRP is a digital asset intended to be used for microtransactions, remittances and online payments.

A Ripple spokesperson declined to comment.

Source: CoinDesk

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