According to Fortune magazine, blockchain behemoth Ripple is one of the best places to work in the Bay Area.
In a 2020 ranking of small and medium-sized companies, Ripple comes in 25th place.
This is the second consecutive year that the cryptocurrency company has made the Fortune list. In 2019, Ripple was ranked in 17th place.
The young company may have dropped a few points since last year, but the listing proves Ripple’s doing something right.
Brad Garlinghouse ‘humbled’ by the ranking
Ripple CEO Brad Garlinghouse reacted to the news on Twitter, stating that he is “humbled” by the ranking and that it is all down to his “insanely talented team”.
Every day I’m humbled by this insanely talented team – THAT’S what makes Ripple the best workplace. https://t.co/n3oySmFAVF
— Brad Garlinghouse (@bgarlinghouse) January 16, 2020
His tweet provoked a flurry of reactions from followers, from congratulations and praise to questions over XRP’s status as an illegal security.
There were also plenty of mentions of XRP’s price dumping, with several followers bringing up that sticky issue.
https://twitter.com/RubenAle07/status/1217868114903420930
Whatever your stance on Ripple, it’s the only cryptocurrency-related company to make the Fortune ranking.
Interestingly though, it’s not clear whether Fortune magazine understands what Ripple does. The “industry vertical” column simply lists its business activity as “other”.
What is Ripple and why is it a good place to work?
Founded in 2012, the San Francisco-based blockchain company aims to disrupt the cross-border payments industry.
Using blockchain technology, Ripple allows financial institutions to process global payments instantly, reliably, and at a much lower cost than through traditional rails.
With over 300 financial institutions using RippleNet to improve their payment services (including heavyweights like Santander and American Express), the company has come a long way.
It currently employees 235 employees in the US and – according to Ripple – has a valuation of a staggering $10bn.
91% of its employees say that it’s a great place to work. The company offers some nice perks including a weekly happy hour, in-house yoga, and a running club. One employee also commented:
“Management is consistently transparent with employees on what goes well and what doesn’t. There’s a focus on being honest with ourselves, which is refreshing and healthy as we continue to grow from start-up to young company.”
Challenges on the horizon for the Bay Area company
Ripple employees may love their jobs, but the company is not without controversy. Its top management is frequently accused of financing operations by selling its holdings in XRP.
Many believe this is one of the major factors driving down XRP’s price, which saw highs of over $3.60 in January 2018 but is currently trading at around 23 cents at the time of writing.
This is also why many XRP holders and critics complain about dumping.
If that wasn’t bad enough, Ripple currently has a lawsuit looming over it as to whether XRP is classified as a security or not.
The company may also face some fresh competition on the horizon as more and more corporations and central banks look into launching their own digital currencies.
However, with so many challenges ahead of the young company, its employees seem to take it all in their stride.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.