33% of Crypto Job Applicants Come From Banking: Bitget Report
One-third of job applicants in the crypto industry previously worked in the banking and financial sectors.
In a new report, crypto exchange Bitget analyzed recruitment trends in the blockchain industry, highlighting the migration of talent from the financial sector to the world of cryptocurrencies.
It said that higher salaries and prospects for innovation continue to attract professionals seeking new opportunities.
The reduction in revenues of investment banks by over 50% year-over-year has led to significant layoffs and further migration of talent.
Banks like Morgan Stanley, BlackRock, and Goldman Sachs have undergone reorganizations resulting in over 50,000 job cuts since 2020.
Additionally, five major banks collectively cut 20,000 jobs in 2023.
The shift towards technology-focused jobs among younger employees also contributed to the workforce erosion of banks.
The hi-tech industry, including companies like Coinbase, Amazon, Alphabet, and Microsoft, hired between 20 and 200 employees.
The crypto sector, in particular, experienced a hiring spree, with Coinbase attracting 197 talents and Amber Group hiring 250 employees, which persisted despite the FTX crisis in 2022, during which the sector saw over 2,000 job losses.
The report also highlighted the compensation differences between banks and the crypto industry.
Banks have reduced overall salaries due to remote working conditions and digitization, while the crypto industry offers higher salaries for remote employees.
“The data indicates a significant shift, with talents from the banking sector migrating towards cryptocurrency, drawn by the promise of higher salaries and innovation prospects,” Gracy Chen, Managing Director of Bitget, said.
“Such a shift may lead to increased mergers
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