Benzinga - Ripple (CRYPTO: XRP), the blockchain payments firm, is taking steps towards increasing diversity and representation within the company, said Ripple’s Managing Director Sendi Young at the Financial Times’s Crypto and Digital Assets Summit.
What Happened: Young on Thursday noted the existence of a “crypto bro” stereotype within the industry, adding “Crypto bros are certainly a problem,” reported Decrypt.
This comes as the crypto industry has been criticized for not being as diverse as it could be. “You look at a lot of people coming [to] crypto are either from tech or finance or everything in between. And those historically have diversity challenges,” said Young.
To address this issue, Ripple has several strategies deployed. “There are loads of ways to do it. Obviously, it’s not one magic bullet,” Young noted. “We look at diverse slate, for example, in the recruitment process. To make sure there is representation of, at least, two underrepresented groups in every single role.”
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Why It Matters: Young also addressed the challenges for the institutional adoption of cryptocurrency due to its more libertarian roots.
“The space has moved a lot from the original very revolutionary, libertarian undertones. There’s still that maximalist school out there,” said Young.
Earlier on Wednesday, U.S. Congressman Brad Sherman, criticized Crypto Bros for making money “out of thin air."
Price Action: At the time of writing, XRP was trading at $0.421, down 1.79% in the last 24 hours, according to Benzinga Pro.
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