Despite being a relatively new sector, the blockchain and cryptocurrency space can this year boast of having two crypto startups, Coinbase and Ripple, in the LinkedIn’s 50 hottest U.S. startups of 2019 to work for. In the professional social network’s third annual Top Startups ranking, blockchain payment network Ripple has clinched position 28 while cryptocurrency exchange Coinbase is at position 29.
While featuring in a list that included startups such as food delivery app DoorDash, scooter firm Bird and Robinhood was no doubt an achievement, Ripple and Coinbase fared worse this year compared to 2018. Last year, both were ranked among the top-10 hottest startups to work for.
No other pure-play cryptocurrency or blockchain technology startup was featured in the list. Stock trading app Robinhood was ranked seventh. And while it offers users the ability to buy or sell certain cryptocurrencies, it is more of a traditional financial services firm than a crypto startup.
It’s an honor to be ranked #7 on this year’s #LinkedInTopStartups list. We’re excited about what we’ve got in store and can’t wait to show everyone! Visit our careers page if you’re interested in helping us democratize the financial system.https://t.co/CpX3tlGXCZ
— Robinhood (@RobinhoodApp) September 4, 2019
Crypto Markets up, rankings down!
Last year, Coinbase was the third hottest startup to work for while Ripple was ranked seventh. This is a paradox of sorts as it suggests that in 2018 when conditions were bearish in the crypto market, Coinbase and Ripple were viewed more favorably compared to 2019 when there has been a market recovery.
In the inaugural top 50 U.S. startups list in 2017, both Coinbase and Ripple did not feature.
No chance of redemption for Coinbase and Ripple
Unfortunately, the two cryptocurrency firms will not have any other chance to make improvements aimed at becoming more attractive destinations for job seekers. Having both been founded in 2012, they will be too old in 2020 to be included among the contenders.
Conditions for eligibility included being not having been operational for more than seven years. The eligible firms were also required to have a minimum of 50 employees, be headquartered in the U.S., and be privately held.
The factors that were considered in the rankings included job seeker interest in the eligible startups, employee growth, employee engagement, and its ability to recruit from leading employers on the professional social network.