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Ripple allegedly offering attractive XRP packages as an incentive to prospective hires




Ripple allegedly offering attractive XRP packages as an incentive to prospective hires
Source: Unsplash


As per a Ripple spokespoerson’s statement:

“Ripple does not offer engineering compensation packages that include XRP bonuses. In late 2018, we found out that a contracted recruiter was incorrectly suggesting to prospective employees that such packages were available. That individual has not worked on our behalf in months.”

Ripple, the company at the forefront of blockchain-based payment services, is now allegedly offering XRP packages as an incentive to hire prospective and talented engineers from across the world.

Coindesk reported that an engineer was promised an XRP package of $3 million [excluding the salary] from Ripple in an email from late 2018. The engineer, however, chose to remain anonymous due to security concerns.

Ripple’s LinkedIn page currently shows that they are looking for technical experts and software engineer to work on xCurrent, xRapid and XRP Ledger, to help build next-generation payment applications that enable smooth transactions domestically and internationally.

However, the news outlet clarified that the salaries of the engineers may vary based on their expertise, according to its conversation with two prospective clients who confirmed that XRP bonuses lie somewhere between $1 and $6 million.

A former employee, who spoke to Coindesk had confirmed that generous equity deals are standard in Silicon Valley. However, the former employee, who chose to remain anonymous, admitted that he had never heard about XRP bonus packages before 2017.

Another prospective engineer at a top cryptocurrency firm who also chose to remain anonymous said that he also received a mail from a recruiter at Ripple offering a lucrative XRP package which was between $3 and $6 million.

An explanation for such an attractive package was given by one of the employees who suggested that Ripple was a very “unpopular entity” in the cryptocurrency ecosystem and that it was “forced to go above and beyond” to attract engineers in the bear market.

In addition to the above, Cory Johnson, the chief market strategist for Ripple is no longer working there, which was reflected on his Twitter profile.

Tom Channick, a spokesperson with Ripple stated to Coindesk:

“Cory’s last year at Ripple was a success in representing the company to investors, press and regulators. Cory helped Ripple with strategy internally and overall industry education. But due to changes in market conditions, we’ve chosen to eliminate the role of Chief Market Strategist.”

However, there remain some who dismissed rumors of Ripple being ‘unpopular.’

@dave_jonez_02 tweeted:

“And now some Bitcoiners are starting to realize they should do the same to attract talent because otherwise the pros will run away with them all.
@Ripple has always been the leader of the pack.”

A Twitter user, @XRPfly commented:

“Looks like FUD desk may want to follow their lead and they may get some good journalist instead of just FUDsters. Ripple is getting some of the best talent out there.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability




Source: Pixabay

Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.

Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.

It also stated:

“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”

The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.

This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the  XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.

A Twitter user @XRPCentre tweeted:

“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”

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