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Why Did This Former Ripple Executive Move to a New Blockchain Firm?

2 mins
Updated by Kyle Baird
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In Brief

  • Marina Khaustova, Crystal's CEO, transitions to Chief Operating Officer, reflecting strategic organizational restructuring.
  • Navin Gupta's recruitment aims to bolster Crystal's global presence and ensure regulatory compliance.
  • Crystal's observations on SEC's ETF approval highlight growing interest in digital assets, prompting proactive measures.
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Navin Gupta, previously the managing director at Ripple, has now stepped into the role of chief executive officer at Crystal Blockchain, a blockchain intelligence firm.

Marina Khaustova, the current CEO of Crystal, has transitioned to the position of chief operating officer.

Ripple Executive Recruited by Crystal Blockchain to Bolster Compliance Efforts

Crystal appointed Gupta based on his extensive experience, which encompasses the crypto industry with Ripple and roles in traditional finance at HSBC and Citi, as stated in a recent statement.

“Crystal appointed Gupta to expand its blockchain intelligence solutions to a global audience of regulators, VASPs, TradFi sectors, and stakeholders in cryptocurrencies.”

Navin Gupta, newly appointed CEO of Crystal. Source: Business Wire
Navin Gupta, newly appointed CEO of Crystal. Source: Business Wire

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

Crystal observed that the recent approval by the United States Securities and Exchange Commission (SEC) of 11 spot Bitcoin exchange-traded funds (ETFs) reflects a growing appetite for digital assets.

Additionally, the recruitment of Gupta aims to proactively maintain competitiveness and regulatory compliance, according to the company’s statement.

Amid Ripple’s efforts to recruit international talent for its own firm, the lack of global regulatory clarity persists.

Ripple Is Mainly Hiring Overseas Employees

In September 2023, BeInCrypto reported that Brad Garlinghouse said that more than 80% of crypto hiring for Ripple this year will be outside the US:

“Governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth, in jurisdictions such as Singapore, Hong Kong, and Dubai.”

Meanwhile, in other parts of the world, the requirements for hiring new crypto executives are only going to get tougher.

On February 5, BeInCrypto reported that The South Korean Financial Services Commission (FSC) intends to monitor executive movements within cryptocurrency firms more closely to increase transparency in the industry.

Read more: Everything You Need To Know About Ripple vs SEC

Meanwhile, the recent positive momentum in Bitcoin’s price and approval of spot Bitcoin ETF has led to some industry moves.

Kraken recently announced the recruitment of a senior executive from the rival global crypto exchange Coinbase as part of its initiative to stay across of the continually evolving regulations in the crypto space.

Marcus Hughes, formerly the Managing Director for Coinbase’s European business and General Counsel for its international operations, has recently assumed the role of Kraken’s global head of regulatory strategy.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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