Crypto investors may not be having the best year as Bitcoin continues on its stunning downward trend, but it appears that some players in the industry still have their eyes on expansion, including with new offices in the renowned tech city of Toronto.

Ripple is the latest U.S.-based tech giant to decide to call T.O. home, announcing this week that it will be opening a new engineering hub in the downtown core that will eventually employ hundreds of staff.

Toronto is now the third-largest tech hub in North America https://t.co/SL3RbMReb4 #Toronto #Tech

— blogTO (@blogTO) March 21, 2022

It marks the first foray into Canada for the brand, which specializes in blockchain solutions and is seeking out data scientists, project managers, applied machine learning scientists and all types of engineers to populate its new digs.

The firm's executives noted Toronto's amazing tech talent pool when announcing the news, saying that the city is already "a prominent tech hub" and that they want to continue to help grow the crypto industry here specifically.

This is great to see- expansion in TO… I’ll have to check out the new office when it’s open

— Shane N (@shanenixy11) June 24, 2022

"While others in the industry have announced layoffs and hiring freezes, our key priority remains bringing on world class talent that will help us innovate and serve our customers for years to come," Ripple writes in a press release, acknowledging the dire straits the industry is currently in but positing itself as thriving despite it.

"Nearly every financial institution is coming up with its crypto strategy to take advantage of this technology that will underpin our future global financial systems. Crypto is one of the most thrilling industries to work in."

Ripple already has existing ties to the city, too, through research initiatives with U of T, Toronto Metropolitan University and the University of Waterloo — partnerships it will continue to foster to help bring more people into the sector here.