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Hey folks, Got an offer to join Gemini recently for their Payments team, was wondering what y'all thought. Base: $170k Bonus: 7.5% PIU: 2500 Originally interviewed for senior SWE but seem to be given a normal SWE offer. Also interviewing with other companies, got Square, Hopper coming up and bunch of other startups. I'm happy with this since I'm trying to get into crypto but curious for those that work there about the growth opportunities. YoE: 2.5 TC: $125k
Following!
It's been really bad here, I would prioritize other opportunities. Senior management doesn't know what they're doing, a culture of failure has set in. PIUs behave more like options, we found a BS investor to overvalue us (trust me, the growth and product roadmap is laughable). Your PIUs will be worth very little if anything, no matter what the recruiter tells you.
Another thing is 99% of the work here has nothing to do with crypto. Our product strategy is basically see what other companies are doing, if it looks successful, we try to copy it. We aqui-hired a couple engineers to do some web3 stuff, but the 1% of the real crypto stuff we do are wallet related stuff and it's definitely one of those things that sound a lot cooler than it really is. If you join Payment, you will be doing zero crypto related work.
Wtf is a PIU
What's the paper value on these PIU's and what's your location (remote)?
Location is fully remote, and I'm in a LCOL. PIUs paper value are 0 until there is a liquidity event, technically they are worth more the more profits are made since grant date but it's highly dependant on those metrics from the company as I was told..
I mean your base and bonus will be higher so I’d take it if it’s the ONLY other offer. Just founds PIU as $0 and there is your TC
PIUs and the pass-through tax incentive for the founder twins make Gemini too risky. The company's income and the founders' income are intertwined for tax calculation. Seems to be a conflict of interest imo. Eg. As long as the company doesn't profit, the founders get to write off the losses as their own. Not good for us doing all the work below since the PIUs value is tied to that company profit metric.
And nobody working there isn’t saying anything about this? It’s strange!
Did they tell you they aren’t bringing you in as senior or you think that based on the salary?
The recruiter told me they are not bringing me as Senior.
Were you able to negotiate more TC?
Do PIUs work like SARs?
From my understanding not quite, as I understand it PIUs are only valid given a liquidty event for the company and appreciate the more the company grows from the grant date. Will have to drill down to learn more about this tbh.