The Theranos of Crypto: Out for XRP in Silicon valley
Pros
Competitive Pay. Good Benefits. Opportunity to work with Global customers. Took care of their employees during Covid. HR Director who could singularly take credit for a major chunk of attrition and inability to hire good talent has left the company The massive crypto bull run has unexpectedly lifted XRP has been a life-saver and threw a lifeline to the company during its most desperate times. XRP - which accounts for the bulk of the company's revenue and value has kept the company afloat without VC money. The company is finally coming around to acknowledging their problems and that they have done a poor job in several areas. Positive developments in the SEC case could bode well for a favorable settlement and eventual IPO.
Cons
Heavy attrition (over 20-25%) that is showing no signs of abating. The smartest and brightest of engineers are leaving. The only employees that will be left are the brown-nosers and yes men. These are also the most toxic personalities who have very little respect or empathy for their co-workers because they are in their bosses' good graces and that is all that matters to them. Executive leadership (the Yahoo mafia) is living in its own alternate reality: a meta-verse where XRP is the de facto currency and in the center of all financial transactions around the world. This group has also gotten phenomenally wealthy (read the SEC lawsuit) and is now focused on keeping as much of their spoils as possible out of the SEC's greedy hands. Senior leadership - Directors, VPs are highly drunk on power and completely disconnected from the day-to-day realities and dealing with customer issues, leaving only the individual contributors to deal with the realities of building and supporting a poor product. This is also the biggest reason for the recent waves of departures. The company has the tendency to perform red-wedding-style massacres of complete teams or organizations once they lose interest in an initiative. The companies energies are completely focused on dealing with the existential threat: the SEC lawsuit that if they lose could lead to a cessation of US operations and set a bad precedent that other regulators around the world could try to replicate.
