Ripple’s SVP of product, Asheesh Birla, stated at an event that the company’s biggest risk comes from none other than regulation. This has forced the firm to hire more people to take care of regulations so that the company can focus on acquiring its next 1,000 customers.
Regarding acquiring more customers, India seems to be on Ripple’s radar. Asheesh said:
“We looked early on at India, and we looked at two billion people — a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion — just give it away?”
He was speaking at an event organized by Wharton Scale School of the University of Pennsylvania titled “Scaling and Digital Disruption in Fintech.” There continues to be ambiguity about whether XRP should be treated as a security or not.
On the other hand, the Securities and Exchange Commission (SEC) has offered clarification in respect of Bitcoin and Ethereum most recently by declaring them as not securities. This has obviously irked Ripple since the same treatment was not meted out to its XRP token. Nonetheless, the company is firm that its digital coin is not a security. Last month, too, its CEO, Brad Garlinghouse, stressed the company’s point of view on the classification issue.
Birla also stated that most of the countries had taken a conservative approach in respect of digital currencies since it is in the nascent stage. He acknowledged the potential of cryptocurrencies in transforming the world and that his firm could do more to reshuffle the world order rather than disrupt the banks.
According to Birla, the technology of Ripple could lend a helping hand to smaller financial institutions so that they are equipped better to take on the bigger rivals.
Tough to Retain Talent
During the same event, Ripple’s SVP pointed out that fintech start-ups could not provide a competitive compensation package unlike the mainstream tech firms of the Silicon Valley. As a result, it was tough to hire and retain talent.
However, things have changed compared to what they were five years back. With the increase in awareness, Ripple can now hire better talent than earlier.