Young coders snub high-paying banking jobs to join crypto sector

job crypto banks, specialist
image from medium.com

Key Takeaways:

  • Do younger specialists prefer the crypto sector to the fiat banking system?
  • The crypto market itself has a hard time headhunting for experienced applicants.
  • What are the most attractive offers in the field?
  • A specialist that worked for financial giants and switched to a crypto exchange, shares the reasons behind the decision.

YEREVAN (CoinChapter.com) – While talent is a scarce resource in every sphere, the fiat banking system is getting the short end of the stick as it becomes less attractive to young specialists. As a result, an increasing number of them have been choosing the crypto industry instead, citing the more “interesting” work and possibly higher earning potential.

Is the crypto market more attractive?

The crypto industry is young, but it’s gaining adoption around the world. David Kinitsky, the chief executive of Kraken Bank, agrees with the outlook.

Crypto is expanding into […] the traditional financial services market. Businesses [native to crypto] will win out over incumbents in this new medium, just as we’ve seen in other industries when the internet was introduced.

said the executive.

However, the crypto integration requires cutting-edge technology that the banks would have to implement and specialists to make that happen. While young professionals enjoy “better pay” and more flexibility in the tech sector, banks do not provide the same environment.

The issue for both fiat institutions and the crypto sector doesn’t stop there, as headhunt for crypto specialists is a headache in and of itself.

Also read: Anticipation builds around upcoming crypto-related HFS Committee hearing, as the market recovers to over 2T

Headhunt for experience

Companies big and small search the job market for specialists in the crypto sector. Amazon was actively recruiting a “digital currency and blockchain specialist” back in July. Binance, the largest crypto exchange, placed ads for 370 positions globally back in June 2021.

According to Binance CEO Changpeng “CZ” Zhao, the company needs a growing number of capable specialists to tackle the growing demand.

We are hiring aggressively. The industry is growing exponentially on a year-to-year basis, and we need to scale our team to cope with it. [Binance is] a geo-equal-opportunity employer. We don’t mind where people are, as long as they produce results.

commented the CEO.

According to Neil Dundon, the founder of the recruitment agency Crypto Recruit, the interest in crypto-related jobs has grown exponentially over the past year. However, while there is no shortage of applicants per se, there is a shortage of experienced applicants.

In terms of length of experience, one or two years is good enough these days. The skills shortage is so bad at the moment that companies are casting a wider net.

added Mr. Dundon.

So, where do young coders flock to in the crypto-sector, assuming they get in? Several positions seem to attract more specialists, according to recent research.

Also read: Fed Chair Powell: Want to regulate, not ban, cryptocurrencies

Attractive vacancies in crypto

The study on the employment platform Monster showed several in-demand blockchain-related jobs that trended in the past months. The number one option that recruiters are looking for is artificial intelligence engineer.

AI engineers in the crypto sector develop and program algorithms for AI and troubleshoot crypto exchanges’ security systems. The job requires a wide skillset that often does not include extensive experience in cryptocurrencies.

Other top-ranking jobs include software engineers, account executives, product managers, and others.

Also read: CBDCs are gaining global momentum; what does it mean for Stablecoins?

Jeremy Ng has been on both sides when it comes to switching jobs from the banking system to the crypto sector. Currently, the head of crypto exchange Gemini’s Asian-Pacific branch, he has also worked at Goldman Sachs, Deutsche Bank, and Morgan Stanley. In a recent interview, he commented on what made him switch jobs.

There has to be something to inspire more growth, more investment return, and more importantly, […] bring the ‘future of money’ to everyone. In a nutshell, what I used to do is create interesting-structured investment products, only accessible for a handful of high net-worth clients. And crypto is interesting because the concept of it being decentralized […] and accessible to anyone with a […] cell phone, that in itself fascinates me.

added the executive.

There is a ubiquitous shortage of experienced specialists within the crypto sector.

However, banks are increasingly integrating crypto-related services into their clients” portfolios. As a result, they search for specialists to work with complicated high-tech systems and develop and implement them as necessary. Therefore, both crypto companies and banks alike strive to recruit the most qualified applicants.

But the specialists’ choice leans towards crypto-related companies.

How useful was this post?

Click on a star to rate it!

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com