Ripple hires Bloomberg TV’s Cory Johnson as the chief market strategist

Garry Singh

March 9, 2018 11:12 am

Ripple hires Bloomberg TV's Cory Johnson as the chief market strategist | Coindelite News
155301 Total Views

Ripple contracts Bloomberg television’s Cory Johnson as Chief Market Strategist

Ripple, the payments start-up that holds billions of dollars’ worth of cryptocurrency XRP, has contracted a Chief Marketing Strategist to explain its complicated story to investors.

Bloomberg Television’s Cory Johnson affirmed on CNBC that he exited the news network this week and commenced working at Ripple on Thursday. A former hedge fund manager, Johnson spent eight years at Bloomberg, primarily covering technology on TV and for Bloomberg Radio.

He joins Ripple between an unstable period for the six-year-old organization. Ripple is the majority holder of XRP, a digital asset on the line of Bitcoin and Ethereum. While the company’s property is currently astounding $49 billion, the price of XRP has oscillated wildly this year, achieving a high of $3.84 in January before falling all the way to 83 cents on Thursday.

Ripple’s test is to together build a business selling blockchain – based payments software to financial institutions, while likewise promoting the use of XRP, which remains a nascent currency. Pundits of Ripple guarantee that its value as a company is built on a digital asset that is yet to demonstrate its utility and has attracted investors money because of the hurry into cryptocurrencies.

Ripple’s CEO Brad Garlinghouse has heard everything and has regularly spoken of the “FUD” (fear, uncertainty, and doubt) encompassing the company and the currency. It will take Johnson’s job to make everything a little 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 said. “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.”

Johnson, who has spent in 20 years in the Bay Area and worked at various news associations, including as a journalist for CNBC, will work closely with Ripple’s CFO Ron Will.

He’s joining a startup that is in an of a kind cash position. Every month Ripple is offering a minor part of the 55 billion XRP that is put into an escrow account. Those little deals brought in $91.6 million in the fourth quarter of 2017, the organization said in January.

Johnson declined to state if he’s getting any XRP as a significant aspect of his pay. He did say that he’s looking forward to the test of educating the market on new methods of sending money to a banking industry that is notoriously slow to grasp change.

XRP has initiated gain some acceptance of the late. MoneyGram declared earlier this year that it’s testing Ripple’s xRapid technology and XRP currency for cross-border payments, and soon after that Ripple said IDC Corporation and Mercury FX would utilize xRapid “to settle remittances and corporate transactions quickly.”

It’s still early, and XRP needs much more traction to legitimize its market price.

“There’s this thing that the company doesn’t control that needs to flourish for the company to flourish,” Johnson said. “It’s an exciting symbiotic relationship.”

Johnson said he’ll be part his chance between San Francisco and New York. He has just been at the organization for a couple of hours yet as of now had one perception about his new colleagues: “These people move a thousand miles a minute around the globe like their pants are on fire.”