Asheesh Birla, general manager of RippleNet, took to Twitter to announce his decision to leave Ripple.
While Birla has yet to decide on his future professional move, he will now serve on Ripple’s Board of Directors alongside former US Treasury Secretary Rosie Rios and JPMorgan veteran Sandie O’Connor.
According to CEO Brad Garlinghouse, Monica Long, another long-time executive, will now head both RippleNet and RippleX.
Birla was hailed by Garlinghouse for having a “incredible” impact on the organization.
Birla joined the San Francisco-based firm in 2013. As a founding member of the company, he was in charge of developing blockchain-powered cross-border payment solutions.
The seasoned Rippler took over as CEO of RippleNet, an international payments platform for banks and financial organizations. Birla joined Ripple when it was still a fledgling company. Crypto was still a fresh notion at the time.
The now-defunct Mt. Gox exchange, the market leader at the time, was only processing $2 million in transactions per day. The whole crypto market cap was only $1.6 billion at the time, a drop in the bucket compared to today’s $1.3 trillion. Stripe attempted to purchase Ripple in 2013, but the transaction fell through.
The debut of the On-Demand Liquidity solution (previously known as xRapid) was regarded by Birla as a “huge milestone” for the company. Using XRP as a bridge currency, the offering provides for fast settlement of fiat payments.
Despite a lawsuit from the US Securities and Exchange Commission, the RippletNet network managed to achieve $1 billion in monthly turnover in 2021.
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