The blockchain industry is subject to varying regulatory frameworks across different countries. Resultantly, companies operating in the space often adopt hiring strategies with a shift in focus towards countries with conducive regulatory environment.
Ripple, a blockchain technology company, also seems to have had its hiring activity focus shifting away from the US to other countries with relatively clear and robust regulatory framework, observes GlobalData, publishers of EPI.
An analysis of GlobalData’s Job Analytics Database reveals that the total number of jobs posted by Ripple (and its subsidiaries) increased by 26.9% during January-April 2023 compared to the same period in 2022. However, the hiring trend across different countries remained a mixed bag. The data indicates a decline in job postings in the US with a significant increase in job postings in Canada alongside the emergence of Poland and India as hiring destinations.
The total number of jobs posted by Ripple in the US during January-April 2023 stood at 211 compared to 243 during the same period in 2022. In contrast, Poland saw a notable increase, from zero to 26 during the same period. There is also a significant increase in job postings in India, from five during January-April 2022 to 24 in January-April 2023. Meanwhile, job postings in the UK and Singapore mostly remained at the same level.
Ripple: strategic move towards global expansion
Sherla Sriprada, Business Fundamentals Analyst at GlobalData, said: “Ripple’s decision to primarily hire employees from outside the US reflects a strategic move towards global expansion, accessing international talent, whilst also overcoming regulatory challenges in the US by diversifying its presence in other markets.”
The data reflects Ripple’s evolving hiring strategy, with a reduced focus on the US market and an increased emphasis on hiring in Canada, Poland, India, and other countries. These trends align with Ripple’s goal of global expansion, accessing international talent, and capitalising on regional expertise to navigate diverse markets effectively.
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Sriprada added: “Expanding hiring efforts beyond the US enables Ripple to tap into a broader pool of international talent. Moreover, as blockchain technology continues to gain traction worldwide, Ripple seems to be recognising the need to establish a stronger presence in international markets.”