This is why a top Ripple executive switched to a rival firm.
Navin Gupta, previously managing director at Ripple, has now joined blockchain intelligence firm Crystal Blockchain as CEO.
Marina Kaustova, the current CEO of Crystal, has been moved to Chief Operating Officer.
Ripple executive hired by Crystal Blockchain for compliance efforts
According to a recent statement, Krystal appointed Gupta based on his extensive experience in the crypto industry with Ripple and roles in traditional finance at HSBC and Citi.
“Krystal Gupta appointed to expand blockchain intelligence solutions to global regulators, VASPs, TradFi sectors and stakeholders on cryptocurrencies.”
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Crystal notes that the recent US Securities and Exchange Commission (SEC) approval of 11 Bitcoin exchange-traded funds (ETFs) shows appetite for the digital asset.
Additionally, Gupta's recruitment is aimed at proactively maintaining competitiveness and regulatory compliance, the company said in a statement.
Amid Ripple's efforts to hire global talent for its own organization, a lack of global regulatory transparency continues.
Ripple is mainly hiring foreign workers.
In September 2023, BeinCrypto reported that Brad Garlinghouse said that over 80% of Ripple's crypto hires this year will be outside the US:
“Governments are taking the lead in working with the industry, introducing clear regulations and seeing growth in jurisdictions such as Singapore, Hong Kong and Dubai.
Meanwhile, in other parts of the world, the requirements for hiring new crypto executives are getting tougher.
On February 5, BeInCrypto reported that South Korea's Financial Services Commission (FSC) intends to monitor executive activities in cryptocurrency companies to increase transparency in the industry.
Read more: Everything you need to know about Ripple vs SEC
Meanwhile, the recent positive momentum in the price of Bitcoin and the approval of a spot Bitcoin ETF has led to some industry activity.
Kraken recently announced the hiring of a senior executive at rival global crypto exchange Coinbase.
Marcus Hughes, previously Coinbase's European business manager and general counsel for its global operations, recently took charge of Kraken's global regulatory strategy.
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