The main engineer of Ripple announced his departure from the company while the latter is in the midst of a legal battle.
Ripple loses one of its pillars
Decidedly, the month of October seems punctuated with joys and sorrows for Ripple. As the crypto business enters one of the most critical moments of her lawsuit against the SEC, she must also face the descending course of his token. Fear seems to have become the most common emotion within his community and the latest announcement from one of his team members could end the pessimism of this month in halftone.
Indeed, engineer Nik Bougalis announced on Twitter his departure from Ripple. The latter leaves his post after 10 years of good and loyal service which had made him a main figure in the company. Among his notable actions is the implementation of open source code for payments XRPL but also the introduction of non-fungible tokens within the project.
Bougalis therefore leaves his work to the team that will survive him and abandons his post in the midst of legal setbacks for Ripple. However, the main interested party did not speak about this case. If he evoked an exciting but also very tiring adventure, it is impossible to know if the lawsuit which opposes the SEC to his employer and the concern which it entails will have weighed in the balance of his departure.
Either way, the company’s former lead engineer has indicated that he won’t be embarking on another crypto project, at least for now. His resignation nevertheless echoes the wave of departure that has affected the industry since the end of the summer. Jesse Powell or Gavin Wood also said goodbye to devote themselves to other projects but also because their position no longer suited them given the changing priorities of the sector.
Meanwhile, legal setbacks make crypto more attractive
If some crypto employees or CEOs are fleeing ship, their sentiment is contrary to that of members of the crypto sphere. In fact, according to a survey carried out by Bloomberg and comprising 564 American respondents, the more the SEC tried to stem the development of crypto, the more attractive the industry would be for investors.
Thus, 60% of respondents would have said that the increasingly frequent crackdowns on the industry would push them to invest since it would prove that crypto would be increasingly powerful and therefore considered a threat. An opinion that could be exacerbated by the current economic crisis and by the often criticized management that the various governments make of inflation.
Additionally, 65% of retail investors and 56% of professionals said they were more likely toinvest in crypto once the regulations are in place. Enough to give hope to a sector whose players fear the framework that will be imposed on them and which could make way for the long-awaited rise in tokens once the laws are well stabilized.
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Ripple: the company’s principal engineer resigns – BeinCrypto International
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