Cryptocurrency Industry Becomes New Hub for Banking Professionals
Key Takeaways
- High salaries and industry growth are attracting banking professionals to the cryptocurrency sector.
- The migration trend evident in previous market booms has intensified recently as many people pursue compliance and risk management roles.
- These changes represent changes in the labor market and could potentially impact future financial sector mergers and acquisitions.
The cryptocurrency industry is witnessing a significant influx of talent from the traditional banking sector.The promise of higher salaries and the burgeoning growth of this developing sector attracted me.
A report from cryptocurrency exchange Bitget highlights: A third of applicants for cryptocurrency positions have a strong background in banking and finance..
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
The report states that many of these applicants are targeting key positions within cryptocurrency exchanges, such as KYC Manager, Compliance Officer, Senior Compliance Officer, and AML Analyst.
This trend has gained significant momentum over the past year, At the same time as the value of digital currency rises. This is a pattern that mirrors previous surges in the cryptocurrency market, attracting both seasoned professionals and recent graduates to the sector.
These changes are considered an indicator of the growth maturity of the digital asset industry. Major financial institutions, including JPMorgan Chase, Barclays, and HSBC, are actively exploring incorporating blockchain technology into their operations, marking a transformative step for the financial world.
furthermore, The cryptocurrency sector saw a 180% surge in job applications. It extends beyond banking to various fields.
Bitget believes this high migration rate is due to a combination of factors.: Attractive compensation, reputation associated with the emerging cryptocurrency industry, numerous growth opportunities, and the inherent flexibility of cryptocurrency companies.
The important driving force behind this talent change is Payroll adjustments in traditional banksParticularly in response to the new remote work paradigm.
Banks’ reduction in pay scales has prompted a reassessment of hiring strategies and compensation structures within the banking sector.
Cryptocurrency companies not only offer competitive salaries for similar roles; Embrace the flexibility of remote work arrangements. For example, in 2022, 36% of blockchain-related roles were remote-based.
There is also a stark contrast in pay scales. A junior engineer at a bank earns an average of about $87,810, while the salary at a cryptocurrency startup is about $125,000. The average salary in the cryptocurrency sector is $115,667, significantly exceeding the average salary in traditional banking of $54,000.
The attractiveness of the cryptocurrency sector, driven by lucrative salaries and extensive growth potential, has triggered a mass exodus of banking professionals, reshaping labor market dynamics.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
As an intelligent expert in the field of Public Relations, she works with her team to identify real VS fake news patterns and aims to provide her results to everyone searching for unbiased news and events happening in the FinTech market. Her expertise is in informing the public of the latest reliable and informative Web3 announcements.
When she’s not investigating the credibility of mainstream stories, she spends her time enjoying the terrace views and meticulously maintaining her outdoor environment.
