• poll

Bitget Report Reveals 33% of Crypto Job Applicants Come From Banking

PRNewswire January 25, 2024

VICTORIA, Seychelles, Jan. 25, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, released a comprehensive report revealing that one-third of crypto job applicants are former employees of the banking and financial sectors. The report also provides invaluable insights into the impact of decentralized technologies on banks in 2023 and analyzes how remote work and digitalization have influenced the financial job market.

Key takeaways:

–  33% of the exchange job applicants previously worked in banking;

–  Investments in blockchain retail banking will reach $40.4 billion by 2031;

–  50% reduction of revenues of banks resulted in over 70,000 job cuts between 2020-2023;

–  36% of blockchain-related posted roles were remote-based, double the global average of 16%

–  Salaries in crypto startups are almost double those of banking comparable positions;

–  23% of candidates apply for KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.

The report delves into some major events that have driven the adoption of blockchain in traditional banking in 2023, including the launch of development initiatives aimed at decentralized technology adoption by such giants as HSBC, JPMorgan Chase, Citi Group, and others. Predictions state that the impact of blockchain in retail banking will achieve a milestone of $40.4 billion by 2031, a CAGR growth of 40.4%, with banking spending on blockchain estimated to reach $22.5 billion between 2025 and 2026.

The main section of the report is dedicated to the trends in recruitment in the blockchain industry, emphasizing that talents from the financial sector are migrating into the domain of cryptocurrencies in search of opportunities, attracted by higher salaries and innovation prospects. The result is a brain-drain from traditional banking, driving reevaluation of hiring approaches and compensation offers on the part of the latter.

The statistics presented in the report showcase that the UK alone experienced a 46% increase in technology-related vacancies in 2020 – one-third of all jobs advertised in the country. The case is best described by Goldman Sachs, where 30% of employees are software engineers.

The reduction in revenues by investment banks by over 50% year-over-year has resulted in layoffs, leading to a migration of talents. The reorganizations of such banks as Morgan Stanley, BlackRock, Goldman Sachs, and others, alone have led to over 50,000 job cuts since 2020. Another 20,000 jobs were cut by five major banks in 2023.

The shift towards technology-focused jobs on the part of younger employees is also revealed to be a major factor, further eroding the workforce of banks. The outflow was somewhat balanced by the hi-tech industry, where companies like Coinbase, Amazon, Alphabet, Microsoft, and others hired from 20 to 200 employees. The crypto sector led the hiring spree, with Coinbase attracting 197 talents, and Amber Group – 250. Such dynamics remain, despite the FTX crisis in 2022, which saw over 2,000 job losses in the sector.

Regarding compensation, the report states that banks have reduced overall salaries due to remote working conditions and digitization, while the crypto industry offered competitively higher salaries for remote employees. In 2022, 36% of blockchain-related posted roles were remote-based, double the estimated worldwide average of 16%. As for salaries, junior engineers at crypto startups in London can expect to get beginning wages of around $125,000 with incentives, compared to $87,810 investment banks offer for similar positions. The difference is cardinal in the case of banks, where salaries average at $54,000, while crypto firms offer around $115,667.

The Bitget report also draws on resume counts to highlight the outflow of banking employees, stating that the yearly count of resumes associated with banking surged from 880 to 1,440 in 2 years, a 113% increase in 2022, and 143% in 2023. This means that in 2023, 33% of all resumes originated from the banking industry. As for interest from professionals outside the crypto market, the 180% rise was almost doubled to 330% over 2 years.

Middle and senior positions in investment relations, business development and sales, KYC and compliance, data analytics, product design, project management, and backend engineering, are among the most commonly encountered. 23% of candidates applied for roles such as KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.

Factors, such as high salaries, industry prestige, growth opportunities, and flexibility are stated as the main reasons for employee migration to the crypto industry. Banks are responding slowly, with 74% of CFOs surveyed by Deloitte stating that they plan to shift previously on-premise workers to remote positions.

Gracy Chen, Managing Director of Bitget, stated, “Bitget’s latest report sheds light on the remarkable transformation occurring in the financial job market, as crypto gains momentum and decentralization reshapes traditional banking. 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. Such a shift may lead to increased mergers and acquisitions in both markets, impacting job reductions and transforming the labor market. As the crypto industry continues to thrive, we remain committed to providing valuable insights that empower professionals and market participants in navigating these evolving landscapes,”

Bitget releases regular studies on a wide range of topics that encompass its markets of operation and global trends that influence the development of the decentralized economy. The reports provide invaluable information to both professionals and market participants seeking insights into potential future changes in industries and opportunities for development.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

Cision View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/bitget-report-reveals-33-of-crypto-job-applicants-come-from-banking-302044389.html

SOURCE Bitget

AAPR aggregates press releases and media statements from around the world to assist our news partners with identifying and creating timely and relevant news.

All of the press releases published on this website are third-party content and AAP was not involved in the creation of it. Read the full terms.