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Ripple, the firm behind cryptocurrency XRP, eliminates Cory Johnson’s role at the firm

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https://www.theblockcrypto.com/2019/02/11/ripple-the-firm-behind-cryptocurrency-xrp-eliminates-corey-johnsons-role-at-the-firm/

Quote

Cory Johnson, the Bloomberg Television anchor turned crypto marketer, is no longer with Ripple, a company spokesperson confirmed. 

Johnson, who joined Ripple in 2018 as its chief market strategist, has been scrubbed from the company’s leadership page. “Cory’s last year at Ripple was a success in representing the company to investors, press and regulators,” a spokesperson said. “Cory helped Ripple with strategy internally and overall industry education. But due to changes in market conditions, we’ve chosen to eliminate the role of Chief Market Strategist.” 

His much-ballyhooed hire included a profile in CNBC, which outlined his role as an evangelist for the firm known for its business lines in remittances and international payments. Johnson, whose career at Bloomberg spanned 8 years, was — unsurprisingly — a vocal defender of Ripple’s view of its relationship to cryptocurrency XRP. Ripple defends that XRP is mostly independent of the firm. The connection between the two has been nothing if not controversial — with some in the crypto world arguing that the coin is a security and that Ripple is an issuer. Ripple Labs, a precursor to Ripple, invented XRP, some say. Ripple claims they didn’t but were involved in its earliest days. 

Part of Johnson’s job was to make the relationship between Ripple and XRP less confusing. “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,” Johnson told CNBC at the time of his hire. “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.

 

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It doesn’t sound great. The quote from Ripple didn’t say they were sorry to see him go, nor did it wax lyrical about what a fantastic job he’d done. Praise was rather muted.

One of the few times I’m grateful that news doesn’t really affect crypto prices.

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I don't see this as a positive since his role was evidently to promote XRP. I can only come up with the thought that Ripple is trying to distance itself from regulatory uncertainty by no longer promoting the token...

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I never really understood why Ripple thought it was necessary for a "Chief Market Strategist". I'm sure they thought it would be beneficial to insert some maturity into the market space and it may have but honestly, the average cryptocurrency holder would rather watch YouTube videos for signs of pump and dumps. 

I expect Cory will be better off independent of Ripple. He will have a much broader field of viewers that he can speak to about FinTech. 

Edited by LordVetinari

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11 minutes ago, Still1 said:

I don't see this as a positive since his role was evidently to promote XRP. I can only come up with the thought that Ripple is trying to distance itself from regulatory uncertainty by no longer promoting the token...

I'm not so sure that would be the reason as the SEC commission clarified that tokens sold in a functioning network are not considered securities.

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