Blockchain News

Former Amazon executive Devraj Varadhan joins Ripple amidst SEC lawsuit

Former Amazon executive Devraj Varadhan joins Ripple amidst SEC lawsuit

Amidst the SEC-Ripple lawsuit, which currently anticipates the pre-trial commencing on February 22, 2021, Ripple has chosen to hire new talent. It aims to develop architecturally sound system with consumer and business needs. In a statement issued today, Brad Garlinghouse, Ripple’s CEO, announced that Devraj Varadhan, has joined Ripple as its new senior Vice President of Engineering. He is a former Vice president at Amazon for enhancing delivery experience.

Varadhan has extensive value to impart to Ripple’s team. He has fifteen years of experience from Amazon in software development and delivery experience. He also served Microsoft for two years in cloud development. Varadhan intends to emphasize developing architecturally sound systems regulated with consumer and business requirements with Ripple. Varadhan states that the Ripple network will make the global financial network more effective by unfastening blockchain’s power with the Internet of Value. Thus, making it as simple as sending money through an email.

Ripple’s significant drop in price due to SEC Lawsuit

However, the price of XRP turned to the $0.30 range last week after a notable downturn in December. It has slid below the critical support level again. At the time of writing, the token trades for $0.28 after dropping approximately 9% in the last 24 hours. XRP’s volatility is due to the U.S. SEC’s charges against the firm’s co-founder Chris Larsen and CEO Brad Garlinghouse.

 The SEC’s lawsuit against Ripple has caused the token’s price to plummet considerably. It appears as though its value will not improve anytime soon, as long as the Commission’s alleged charges towards Ripple remain unresolved. The SEC has claimed that Ripple infringes federal securities laws with XRP, as U.S. law regulators state that the token is a security.

In December, Sandie O’Connor, an ex-chief regulatory affairs officer at JPMorgan Chase, joined Ripple’s board of directors. She is one of the most influential women in banking. This occurred just one week before the U.S. Securities and Exchange Commission (SEC) took Ripple to court over credible illegal XRP sales. Despite its legal troubles, Ripple remains attractive for high-profile executives.  

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