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The crypto industry is building with much promise of growth and displacement. Blockchain has already left behind some of the world’s most prominent organizations in terms of profit; currently being valued at somewhere around $400 billion. What’s even more astounding is the fact that it has achieved this remarkable feat in less than a decade. Upholding the considerable success of the crypto world, Binance left behind Deutsche Bank by a margin of more than $50 million in 2018.
Hiring increases in a down market
Despite the relative collapse in bitcoin price in 2018, blockchain companies have not stopped investing in one of the most important asset classes – human capital. Companies like Coinbase and Binance are hunting for talented employees. Coinbase has already reached a total of 500 employees at its offices around the globe. On the other hand, Binance has hired 50 more employees this year for its headquarters in Malta and is also recruiting more talents for its Singapore based fiat-to-crypto exchange.
The brain drain
The fact that demands our immediate attention is that more and more corporate wizards are leaving comfortable and well-settled American jobs for blockchain related startups. It is a sign that the industry has enormous future potential. Earlier this year, Coinbase hired Michael Li, who was a senior executive and Head of Analytics and Data Science at LinkedIn. He was appointed the company’s Vice President of Data. Another example is Rob Jesudason, CFO of the Commonwealth Bank of Australia (CBA), who left the CBA to join Hong Kong based blockchain group Block.one (that publishes the EOSIO blockchain software and sells the EOS token) as group president and CEO. Rachael Horwitz left Facebook to join Coinbase as VP of communications.
This exodus of minds being hired in crypto startups is vital to intersect the existing financial sector with new technology. To achieve the goal of merging finance with the crypto world, the startups, as well as the established crypto ventures, are hiring the best and must be compensating better.
The movement of human capital
In retrospect, trends can be observed by watching where the best talent moves. In 2017, wall street traders left en masse because the gains they could achieve in satoshis were incomparable. We are seeing high-level executives from large banks like UBS and JPMorgan and Chase join blockchain based startups. We can expect that the days ahead will see a large number of specialists leave their jobs to enter the blockchain sector. However, only time will tell if their decision will pay off.