Nik Bougalis, the Director of engineering at Ripple, informed me that he is leaving the company. In a recent Twitter thread, he explained that his decade-long journey at Ripple is now over. He has also mentioned that he will be going to work on another project that he loves and towards a goal that he believes in.
Nik Bougalis Leaves Ripple After Over 10 Years
Nik Bougalis informed on Twitter on October 21st that he decided to leave Ripple after a “decade-long journey.” In the Twitter thread, he thanked Joe Katz and Arthur Britto, his colleagues at Ripple. He mentioned that the camaraderie and esprit de corps of the C++ team are what he will miss the most.
Nik Bougalis wrote about it:
“‘All good things…’ 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.”
“All good things…”
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.
— 𝙽 𝙸 𝙺 𝙱 (@nbougalis) October 21, 2022
When it comes to XRPL, one of the most recognized projects built by Ripple, he said that he is confident that it will be fine thanks to talented and passionate individuals that contribute and participate, each in their own way, in the expansion of this project.
There have been several recognized individuals in the crypto industry that thanked Nik Bougalis for his time working at Ripple and wished him all the best in his new adventure with another company. It is worth pointing out that he said that he will not be joining another blockchain project or company. He has also mentioned that he will not be working on non-fungible tokens (NFTs) or decentralized finance (DeFI).
It has been very common for developers in the crypto space to move from already established companies to smaller and more challenging environments in non-fungible tokens or decentralized finance applications. However, the market has been very hard for these types of projects in recent months as it seems that the bear market that started in November 2021 continues until today.
Ripple has been working over the last few years in order to offer better cross-border payment solutions. Thanks to these solutions it was possible for financial companies to send and receive payments across borders in just seconds. For example, by implementing XRP payments, it was possible to settle payments in seconds without having to wait for traditional banking times and transfers.
This was one of the most promising products at Ripple. A company could have purchased XRP with local currency, send the transaction to another country, and sell the XRP there to get immediate liquidity. This is a process that takes just a few seconds and that would make transfers through different jurisdictions easier, faster, and cheaper.
At the time of writing this article, XRP, the sixth-largest virtual currency in the market, has a market capitalization of $22 billion and a price per coin of $0.45 as reported by CoinGecko.