Ripple has recently claimed that it had no role in the development of the cryptocurrency XRP. However, reports are surfacing that claim the company was found utilizing its huge XRP reserves to attract potential hires.
It began with a media report claiming that an engineer was offered an XRP pay package by Ripple. The engineer, whose name has not been named, said that he received an email in late 2018 from the company stating that along with a generous salary, he would receive XRP worth USD 3 million.
For its xCurrent project, the company is looking to hire a new engineering head in addition to more than 12 technical experts and engineers, as stated on Ripple’s LinkedIn profile. xCurrent project is looking to challenge SWIFT (a legacy messaging network).
This is not the first time that Ripple has faced these allegations. In September 2018, an engineer requesting anonymity told the media about a similar email from the company offering him a generous XRP bonus package.
On the basis of the data obtained from two potential recruits, the general range of bonuses in XRP for engineers is from USD 1-6 million. However, these salaries are based on seniority.
A former Ripple employee revealed that it is a standard in Silicon Valley to offer generous equity deals to new recruits. However, he noted that before 2017, he never heard of anything like XRP bonus packages.
Nevertheless, the company has refused to comment on bonus packages. It is uncertain whether these packages are still being offered or not. The overly centralized nature of XRP is a much-debated topic within the crypto community and will draw further flak if it is proved that the company’s infrastructure is completely centralized.
LATEST UPDATE 13 February 2019: Ripple, however, contradicted these rumours strongly and a spokesperson said:
“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.”
So while Ripple has denied the claims, only the future will tell how truthful these claims are.
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