Cory Johnson Is No Longer Ripple’s Chief Market Strategist As Ripple Scrubs His Role

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A few days ago, there were rumors on cryptocurrency Twitter that the role of chief market strategist has been removed from Ripple making Cory Johnson redundant. Yesterday, a representative of the company, Tom Channick confirmed the information in a message to the cryptocurrency news site CoinDesk, Channick said:

“Cory’s stay with Ripple last year was a success. He represented the company well to the press, investors, and regulators. Cory came up with many useful strategies that took Ripple higher both internally and in industry education. However, because of the changes in market conditions, we have decided to eliminate the role of Chief Market Strategist.”

Cory Johnson’s Journey In Ripple

Cory Johnson joined Ripple in 2018 after working at Bloomberg TV for eight years. At the time, he said that his role at Ripple would be to develop strategies for the company that will attract Wall Street investors and other members of the financial world. In his words:

“My role will be to try to explain, listen and develop strategies for Wall Street investors and others in the financial world. I would explain Ripple’s vision to them.”

Throughout his stay as the chief market strategist, Johnson was recognized as a key spokesperson for Ripple. On several occasions, he made appearances on behalf of the company and was always promoting its technology.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.399447
2.82%

During the World Blockchain Forum that took place in November, Johnson was asked about his view of Brad Garlinghouse’s prediction. You see the CEO of Ripple, Brad Garlinghouse, had predicted that dozens of banks will join the trend of banks using Ripple’s technology before the beginning of 2019. In reply, Johnson said that these banks failed to provide custody solutions. He also said that the way businesses operate in the cryptocurrency industry is changing. In his words:

“I had a sit down with many people. One of our major customers and many other people in the room yesterday. Many of them had a lot of questions. I’ll also tell you when they are ten people in one room but there is no deal getting signed. So, I don’t know where our customer count is going to be and there is no exploration happening behind the scenes.”

In January, during the Cornell Entrepreneurship Summit, Johnson talked about how Ripple’s technology can be useful to a company like Amazon. Since Ripple’s solutions speed up cross-border transaction and reduce cost, he said that Ripple will play a significant role in helping large companies move money on a global scale. In his words:

“In Nostro and Vostro accounts, there is more than $23 trillion sitting idle. These funds are there because they are required as pre-payment options because of the slow process of moving money in the traditional financial industry.”

According to him, Amazon is one of the companies that stand to benefit the most from Ripple’s solutions. This is because it is the most capital efficient companies in the world and it always has billions of dollars kept aside in different accounts for employee settlement globally.

At the time of writing, Cory Johnson had not made a comment regarding the elimination of his role. It is still not clear if he would be given another role or he would be leaving the company for good.

Do you think Johnson will have another role at Ripple now that his role has been eliminated?

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