Ripple hires a Chief Marketing Strategist to solidify the image of the company and its cryptocurrency in the minds of investors.
Bloomberg Television’s Cory Jhonson confirmed on Thursday that he has joined Ripple as the chief marketing strategist and has left the news network where he had been covering technology for eight years.
— Cory Johnson (@CoryTV) 9 March 2018
Ripple owns a vast majority of XRP, world’s third largest cryptocurrency. The company’s current holdings are worth $49 billion, however, investors are worried as they have seen extreme fluctuations in the cryptocurrency’s price, reaching its ATH of $3.84 in January and then falling back to $0.83 on Thursday.
Ripple currently aims to build a business by selling its blockchain-powered payment software to financial institutions, while promoting the use of its own cryptocurrency (XRP) in a space which highly advocates decentralization and promises to undermine the same financial institutions.
Critics claim that Ripple’s value is built on a digital currency which currently has no virtual utility and which has only attracted users due to the ongoing crypto frenzy.
There is a lot of FUD (Fear, Uncertainty and Doubt) surrounding Ripple and its cryptocurrency at the moment and it will be Jhonson’s job to explain Ripple’s story and lower confusions.
“The role of Ripple as a company and XRP as a currency in financial markets, to regulators, financial institutions and investors could use more explaining. I’m going to try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand what we’re doing,” said Ripple’s new hire.
Jhonson will be working closely with Ripple CFO Ron Will and he declined to disclose whether he is receiving any XRP as part of his compensation.
The Ripple startup is in a unique financial position right now. The company had kept $55 million worth of XRP in an escrow account; however taking advantage of last year’s price surges, Ripple had sold small fractions of that amount which brought $91.6 million in its fourth quarter of 2017.
Although Ripple has partnered with a lot of financial institutes and banks, its cryptocurrency is in its nascent years and needs way much traction to justify its market value.
“There’s this thing that the company doesn’t really control that needs to flourish for the company to flourish,” said Johnson. “It’s a really interesting symbiotic relationship.”
Jhonson, who plans to split his time between San Francisco and New York, spent a few hours in his new workplace and has already realized his co-workers’ nature of work.
“These people move a thousand miles a minute around the globe like their pants are on fire.”
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