Ripple is reportedly scouting for a dozen or so engineers and technical experts, looking to hire the best talent in these fields.
The company’s LinkedIn also shows that it needs a new engineer to head its xCurrent project, a solution the firm has developed targeting banks and designed to rival the traditional SWIFT payments infrastructure.
However, there is a striking feature emerging from the Silicon Valley fintech startup’s recruitment style. Anonymous sources have said that the company is going all out to get the desired top talents, offering promises of massive bonuses to those it targets.
Ripple is said to be promising prospective recruits up to $6 million in XRP bonuses, with an undisclosed source sharing an email from 2018 that showed he was promised an XRP package worth $3 million.
On top of such a package, Ripple offers “generous salaries”- which are said to vary depending on the engineer’s level of seniority.
Two prospective engineering recruits confirmed this, according to Coindesk, with one noting that they received an email from a recruiter that offered between $3 million and $6 million in XRP packages.
A former employee of Ripple, who also chose to remain unnamed, added that the issue of generous equity deals was pretty common in Silicon Valley. However, they said that they had never heard of these lucrative XRP bonus packages prior to 2017.
In June last year, San Francisco based developer Dave Schukin tweeted that he had received a recruiting email offering him a base salary range of between $175,000 and $195,000. The claim appears to corroborate the other allegations.
The fierce competition for developers and Ripple’s perceived negative image could be making it tough for the company to attract talent, which one engineer noted, could be the reason behind the massive bonuses that are precisely targeted at luring prospective recruits.
Ripple currently employs 90 engineers and employed over 100 across its platform in 2018 alone.
And despite the bear market, the firm is reportedly set to embark on a somewhat aggressive hiring spree as it looks to expand its services as well as offer mobile wallet support on its Ripplenet platform.
Jon Holmquist, who once worked with Ripple as a community liaison, says that the ballooning salaries and compensation packages represent a Silicon Valley trend that is not limited to Ripple.
According to Holmquist, hiring challenges facing the company now is likely a result of the crypto market downturn, meaning it’s not exclusive to the startup.
In his opinion, not many engineers and other experts will be particularly keen on joining a crypto firm when a bear market is in full swing. Some may disagree with this view, given the enormous figures involved in both base salaries and bonuses.
The company, regardless, wants the top talent and appears to be sparing no effort to have these crypto devs and engineers on board. In particular, the firm is looking for software experts with experience in Java or C++ language.
It is not known whether Ripple is still offering such multi-million dollar bonus packages in 2019.
According to XBT.net, XRP is currently trading at $0.30 against the U.S. dollar and has a global market cap of about $12.4 billion. However, there is a discrepancy, with Ripple’s website showing that the coin’s global market cap is $29.8 billion.
Earlier this year, analytic firm Messari released a report that alleged Ripple’s XRP market capitalization was inflated by as much as half current figures.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.