Ripple CEO Brad Garlinghouse on Coronavirus Impact: The “Markets are Extremely Resilient”

  • Ripple's global team now remote working as CEO Brad Garlinghouse says “highest priority is the wellbeing of team”
  • Garlinghouse said, “global economy is in uncharted waters,” but history has taught us that “markets are extremely resilient.”

Last week, the fear about the economic impact of the coronavirus (Covid-19) pandemic had the stock market's biggest one-day drop since 1987. Crypto market wasn’t untouched by the panic sell-off either as investors sold whatever they could get their hands on in a flight to cash and safety.

The panic sell-off resulted in pushing XRP to $0.11, a level last seen in early 2017. The digital asset also lost its third place to Tether (USDT) and is currently sitting at the 4th spot, as per Messari.

At the time of writing, XRP/USD has been trading at $0.149, up 3.06% in the past 24 hours.

Unprecedented new reality

The novel coronavirus cases in the world haven’t stopped rising yet, reaching 220,873, as per Worldometers.info. While China reported its first day with no locally transmitted coronavirus infections, three months after the first case was detected, the US government is preparing for a coronavirus pandemic that could last up to 18 months.

Meanwhile, American adults of all ages and not just those in their 70s, 80s, and 90s are being sickened by the coronavirus as 38% of 508 coronavirus potential hospitalized in the United States were between 20 and 54.

As such, San Francisco-based Ripple is now moving to work remotely, stated the CEO Brad Garlinghouse. Garlinghouse took to Twitter to share that,

He further shared, “In this unprecedented new reality, it’s critical that we not forget those who are in need,” as such they are “doing all we can” to ensure their customers around the world can send money home to their loved ones in a time of need. He also touched upon the impact of the global pandemic on the market. Garlinghouse said,

Recently, Ripple’s software engineer who is leading the C++ team, Nik Bougalis also advised on working remotely as he has been doing for the past 20 years.

To combat the coronavirus, President Trump has signed a relief package to provide free coronavirus testing, sick leave, and unemployment benefits. As per the $1 trillion economic packages, the Trump administration is asking Congress for an infusion of $500 billion for direct payments to taxpayers and another $500 billion in loans for business.

Increasingly countries have imposed border restrictions with over nine million people in California told not to leave their homes. In some countries, violations of isolation orders are enforced with fines.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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