Ripple is currently one of the most popular tech companies in the blockchain space. The company’s rise hasn’t been smooth all the way. There have been scandals and accusations about the company’s vision and methods. While this hasn’t done much to stop the company from growing, it has put some stain on Ripple’s reputation. The most recent news, as reported by CoinDesk, is that Ripple used large bonuses to lure tech talents during recruitment. While this may not necessarily be a bad thing, some members of the cryptocurrency community have frowned at it.
Ripple Allegedly Lured Top Tech Talents With Large Bonuses
An anonymous engineer told the cryptocurrency news platform that Ripple tried to recruit him towards the end of 2018 by offering him a huge salary that comes with a $3 million bonus and many other things.
XRP (XRP) Price Today – XRP / USD
A former employee of the company who requested to remain anonymous said that the bonus packages didn’t exist before the year 2017. He also said that it is not unusual to see U.S-based tech companies offer such generous deals to lure top talents. This story was collaborated by another engineer who said that he works with a company that offers similar services with Ripple. This engineer, in September 2018, was offered a job at Ripple with an XRP package worth between $3 million and $6 million.
One significant point from the email sent by Ripple’s recruiters was that there was a discrepancy in the details. The email, according to the second engineer, stated that the total market capitalization of Ripple is $48 billion. However, on the day the email was sent, the market capitalization was hovering around $13.3 billion. This was something the engineer found disturbing.
Ripple’s Talent Hunt Continues
Currently, Ripple has about 90 engineers working on its team. However, the company plans to continue hiring top talents this year. A representative of the tech giant said that aggressive hiring is being carried out to expand their vision of offering software as a service. They also need more capable minds to work on mobile wallets and payout processes. In 2018, Ripple hired 100 individuals into different departments.
Jon Holmquist, the former Ripple community liaison, said that Silicon Valley tech companies are increasing the compensation and salaries for experts because of the increase in competition. Holmquist added that any hiring challenge that may be going on at the moment may be due to the general market downturn and not anything related to Ripple in particular. In his words:
“Nobody wants to join the cryptocurrency market for the first time during a bear market. I believe this is an industry-wide problem. There is always a talent shortage.”
Right now, Ripple is looking for tech experts that specialize in C++ and Java language. The representative concluded:
“We are not necessarily after blockchain experts. We are willing to teach domain-specific expertise. We think it is important that our engineers can humbly carry themselves and think of creative ways to solve difficult problems.”
Why do you think Ripple is offering tech experts huge bonuses? Could this mean that the company is working on something greater behind the scenes? Do these bonus packages stain the reputation of the company in any way? Share your thoughts below.