Nik Bougalis, the director of engineering at Ripple Labs, is leaving the company after almost ten years and is the newest executive to leave the crypto industry. In a tweet on October 22, Bougalis stated, “My decade-long journey at Ripple has been a fantastic (if exhausting and all-consuming) one. I got to work on a project that I love, towards a goal I believe in. But that journey will be coming to an end in a few weeks”. It is unclear what the Ripple director will be doing following his resignation.
- Ripple’s director of engineering has announced that he is stepping down from his position
- Ripple’s price falls by 0.38%
- Announcement comes in a long line of resignations in the crypto industry
Nik Bougalis Resigns As Ripple Director Of Engineering
Bougalis handled a number of changes to the code base of the ledger at Ripple, including the addition of NFTs, which is set to be live in November. As Ripple starts testing an XRP ledger sidechain that is compatible with Ethereum-based smart contracts, Bougalis leaves the company. This would make it possible for programmers used to the far more complex Ethereum Virtual Machine (EVM) software to transfer their work to Ripple.
In a Twitter thread announcing his resignation, the Ripple director also said that he is grateful to have had the opportunity to work alongside and learn from Joel Katz, Arthur Britto, his teammates on the C++ team, and many others at Ripple. He expressed confidence that XRPL, one of the most well-known initiatives created by Ripple, would be successful due to the skilled and enthusiastic people who contribute and engage, each in their own unique manner, in the growth of this project.
Related: Best Crypto Wallets For Ripple (XRP)
Over the last several years, Ripple has been trying to provide better cross-border payment options. These systems allowed financial institutions to quickly transmit and receive payments across international boundaries. For instance, using XRP payments made it feasible to settle payments instantly rather than needing to wait for conventional banking processes and transfers.
Following the announcement, Ripple’s price fell by 0.38% to a price of $0.45. This has not changed as of the time of writing.
A New Trend In The Crypto Industry Emerges
Bougalis’ departure as Ripple director of engineering comes amid a number of other high-profile resignations in the crypto industry. As we have previously reported, numerous CEOs and developers at crypto-related projects have stepped down from their positions recently. Just a few of the prominent CEOs in the cryptocurrency business that have left in the last several months include MicroStrategy’s Michael Saylor, Kraken CEO Jesse Powell, Celsius CEO Alex Mashinsky, and Parity CEO Gavin Wood.
Developers in the cryptocurrency industry often go from well-established corporations to smaller, more difficult settings in non-fungible tokens or decentralized financial apps. However, the market has recently been quite difficult for these kinds of initiatives since it seems that the bear market that began in November 2021 is still going strong.
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