With Crypto Jobs Available, US Universities Are Turning To Blockchain Education (#GotBitcoin)

For the rest of us, it was about helping organize and regularize their affairs – protecting the company’s intellectual property (even if much of it was open source), building culturally sensitive marketing plans that span the hemispheres and growing investor relations teams.

The promise of going to the mainnet (an independent blockchain running its own network with its own technology and protocol), getting listed on an exchange or two and finding test cases to tout were sometimes not enough.

In 2018, with every fraudster and their mother attempting an initial coin offering, many Silicon Valley law firms would not return calls from crypto startups, all of which were seen a potential problematic clients, even if they paid retainers on time.

As the designated adult on the team (principally signaled by being a graying white guy with a salt and pepper beard), I could get us meetings, particularly because some of my former students were now partners at reputable law firms and others principals at venture capital firms and accelerator funds.

None of the folks with whom I worked are at the company now. There has been turbulent turnover, but the lessons learned have stuck: work hard, innovate and find a real problem that needs solving. None of that involved going to university or graduate school (except for the engineers).

For those who do go, they are delaying the inevitable – doing it on the fly, hopefully with some ethics and professionalism. It is rarely like the simulations or case studies in the textbooks we use in class.

When folks ask me how to learn about the space and get one’s chops, I always tell them to find a mentor, especially one who is younger and from a land far, far away.

I learned about hybrid consensus protocols and in exchange these kids learned how to fill out expense reports, engage with legacy technology leaders, encourage regulatory clarity and earn airline reward miles.

What I came to understand about these young Chinese technology entrepreneurs is that they are huge fans of U.S. popular culture. When I suggested we title an event we were coordinating “This Ain’t Your Mama’s Blockchain,” a sister company leader answered me on WeChat with a simple “Dope.”

 

Updated: 10-15-2021

Citi Loses Top Trading Executive Zhang To Crypto World

Citigroup Inc.’s Matt Zhang is leaving the bank for the world of cryptocurrencies, according to people familiar with the matter.

Zhang will start a fund that trades digital assets and makes venture investments in crypto companies, according to one of the people, who asked not to be identified discussing non-public information. Zhang is seeking to raise more than $1 billion for the fund, the person said.

A 14-year veteran of Citigroup, Zhang created the firm’s spread products investment technologies team, or Sprint, which makes bets on financial-technology companies as a way to get a first look at innovations that could reshape debt markets.

The venture has focused on technologies related to trading infrastructure, data analysis, artificial intelligence and machine learning.

Zhang was most recently co-head of Citigroup’s structured products trading and solutions division. With his departure, Chetan Vohra will become sole head of that unit and will also lead the Sprint business, one of the people said.

A Citigroup spokesman declined to comment on Zhang’s departure.

Wild cryptocurrency markets are luring many longtime banking executives away from Wall Street, where company executives have been taking a wait-and-see approach even as their clients increasingly clamor for access to the asset class.

“We’re fairly cautious around crypto as a bank,” Citigroup Chief Executive Officer Jane Fraser said at a conference this week. “We proceed with great caution on that one as to where the value is and isn’t.”

Zhang is at least the second top Citigroup executive to depart for the digital-assets industry in recent months. Christopher Perkins, the former co-head of Citigroup’s futures, clearing and foreign-exchange prime brokerage businesses, was hired in August as a managing partner and president by CoinFund, a blockchain-focused investment firm.

 

Updated: 10-28-2021

LinkedIn Reports Crypto And Blockchain Job Listings Have Surged 615% Since August 2020

The team said that financial services firms were expected to hire more than three times as many staff with experience in digital assets than in 2015.

Online employment-oriented platform LinkedIn has reported demand for employees with experience in crypto or blockchain is on the rise across many companies.

According to a Wednesday report from LinkedIn editor Devin Banerjee, data from the platform’s Economic Graph team shows job postings in the United States that included terms like “blockchain” or “crypto” grew 615% compared to those in August 2020.

The data shows that while many jobs with companies already focused on crypto and blockchain contributed to this rise, traditional financial institution J.P. Morgan was among the top employers for roles in the digital asset space.

The LinkedIn team added that financial services firms were expected to hire more than three times as many staff with experience in digital assets than in 2015. J.P. Morgan’s job postings as of July included positions focusing on its global blockchain development efforts — blockchain-focused software developers, engineers, marketers and auditors. The company posted more than 30 openings for its operations in the U.S. in a single week.

“The opportunities in digital assets are plentiful,” said Roman Regelman of the Bank of New York Mellon. “We can now attract talent in a very different way.”

Other major companies not directly involved in crypto or finance have also posted jobs related to crypto space. In February, major online retailer Amazon said it was seeking a software development manager in Mexico to help launch “a new payment product.”

In May, Apple said it preferred someone with experience in “alternative payment providers” — including cryptocurrency — for a business development manager position.

 

Updated: 10-28-2021

UPenn’s Wharton Taps Coinbase To Accept Crypto For Online Blockchain Course

 

 

Wharton said it will be the first Ivy League institution or U.S. business school to accept cryptocurrency from program participants.

A new online executive education program at the Wharton School of the University of Pennsylvania will accept payment in various cryptocurrencies via Coinbase, including bitcoin, ether and USDC, the school said Thursday.

The Ivy League business school is launching the six-week “Economics of Blockchain and Digital Assets” course for “business and technology professionals seeking to learn about blockchain and digital assets through its value-driving principle: economics,” according to a statement.

The Philadelphia-based Wharton said it will be the first Ivy League institution or U.S. business school to accept cryptocurrency from program participants.

“We designed this program for business professionals and executives from a range of backgrounds, including traditional finance, management and tech,” said the program’s academic director, Wharton professor and blockchain author Kevin Werbach.

Wharton will partner with blockchain consulting firm Prysm Group to offer the certificate program.

Updated: 11-1-2021

Amazon Job Posting Hints Company’s Web Services Are Preparing To Adopt Crypto

The prospective employee would encourage those in senior positions at major companies to consider adopting cryptocurrencies, central bank digital currencies, stablecoins, security-backed tokens, asset-backed tokens and nonfungible tokens.

Major online retailer Amazon’s IT service management company may be considering driving adoption in the digital asset space among its customers.

According to a Saturday job posting, Amazon Web Services’ New York office is hiring a Financial Services Specialist who “understands the overall cryptocurrency and digital asset ecosystem,” with experience in blockchain and distributed ledger technology.

The company said the position would work with regulators, financial institutions and capital market operators to explore how they might benefit from digital asset adoption.

The prospective employee would encourage those in senior positions at major global financial institutions to “transform the way they transact digital assets,” including cryptocurrencies, central bank digital currencies, stablecoins, security-backed tokens, asset-backed tokens and nonfungible tokens. In addition, they must have at least seven years of experience in financial services business development “with exposure to distributed ledger or blockchain technologies.”

Amazon has previously posted job opportunities requiring experience in the digital asset space. In February, the online retailer said it was seeking a software development manager in Mexico to help launch “a new payment product” aimed at allowing residents to buy cryptocurrencies with cash so they could spend digital currency while shopping on Amazon.

An Amazon spokesperson has denied the company would be supporting cryptocurrency payments including Bitcoin (BTC) on its platform in a July report. However, they said the retailer was “focused on exploring” the possibility of adopting digital assets.

Wall Street Is Offering Big Pay Increases To Amass A Crypto Army

 

Wall Street leaders turned up their noses when Bitcoin exploded onto the scene more than a decade ago.

Now they’re paying sweet premiums to crypto recruits, amassing an army of enthusiasts within the traditionally staid realm.

Some of the biggest banks and financial firms have added about 1,000 crypto-related roles since 2018, according to Revelio Labs, which collected the data by scraping LinkedIn. Among those hiring the most are JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc., which shored up their ranks as demand for the fast-developing virtual currencies ballooned.

The expansion of Wall Street’s legions traces an uncomfortable and at times testy relationship with the cryptocurrency. Banks had largely stayed away as Bitcoin prices rocketed to new heights and endured frequent crashes.

JPMorgan Chief Executive Officer Jamie Dimon called it “worthless” in October after deeming it a fraud in 2017. But behind the scenes, growing global acceptance and client interest have eroded their resistance, leading firms to add research teams and trading desks — and, according to recruiters, offering compensation bumps of as much as 50% for comparable roles to lure talent.

“The banks can’t run the risk that their clients go to another bank to do these services, so they need to build up,” said Alan Johnson, managing director of Wall Street compensation consultancy Johnson Associates. “This is a big asset, a big opportunity, and they need people and need them in a hurry. They’re willing to pay a lot.”

Citigroup Inc. and Morgan Stanley were also among those adding staff, according to Revelio Labs. Most of the firms declined to comment on the data or provide hiring figures, or didn’t respond to requests for comment. Citigroup said in a statement that clients are increasingly interested in crypto and that it’s monitoring development thoughtfully in light of factors like regulation.

But there are signs of the effort elsewhere. Employees who added a new crypto-related position to their LinkedIn profiles this year through September has already surpassed last year’s tally, separate LinkedIn data show. The total has tripled since 2015, according to the data, which surveyed 12 financial firms.

And, as financial firms staff up, they have to compete with technology and crypto firms doing likewise — competition intensified by a scarcity of talent with both types of experience, recruiters said. That means a crypto job can be lucrative, with a related role at a bank commanding a 20% to 30% premium in total compensation over a comparable position at the same institution, according to Johnson.

For more senior roles like research or trading heads, that could rise to 50%, he said. Crypto experts across financial firms see average salary increases of about 9% in their new roles versus previous ones, according to Revelio Labs, which is a workforce intelligence company.

Still, there are reasons for caution about working with the assets. Crypto firms face the prospect of a broad crackdown from federal regulators, while China, which already has rules barring banks from offering crypto-related services, banned crypto transactions in September. Amid the crackdown, some Bitcoin miners shifted operations out of the country.

Bank of America, for one, is looking to add to its new crypto research team over time, according to Alkesh Shah, who runs it. The group was set up in July following calls from clients seeking to understand how they can invest in the assets, Shah said in an interview.

“The industry and the technology became too big to ignore,” he said. “There is going to be significant value creation across this ecosystem and we want to make sure clients understand how the value creation occurs.”

The bank’s move signals traditional finance’s new openness to Bitcoin, as its value soared over the past year to a record in October. JPMorgan’s Dimon, who later said he regretted his fraud comments, said in October that he’d follow his clients, whatever his opinion. Morgan Stanley Chief Executive Officer James Gorman, who reportedly once called Bitcoin “totally surreal,” said recently it’s not a fad.

Gorman’s bank appointed Sheena Shah to lead a new crypto research team in September, while JPMorgan and Goldman Sachs have begun offering crypto-futures trading. Mastercard Inc. just struck a deal making it easier for banks to offer cryptocurrency rewards on their credit and debt cards.

“We’re experiencing the golden days of Wall Street in crypto,” said Michael Bucella, general partner at crypto investment firm BlockTower Capital. “We are in the early days of capital markets 2.0.”

Headhunter Bombardment

The staff hunt appears to be gaining momentum at both banks and crypto companies.

“Even within the past week or two, we have been bombarded with headhunters who are looking for people to come and be crypto traders in everything from hedge funds all the way to larger banks,” Justin Schmidt, head of strategy at crypto-trading engineering startup Talos, who joined from Goldman Sachs, said last month.

Working at a crypto firm may offer lifestyle improvements not traditionally seen on Wall Street, as well as the chance to own a stake in something, said Elsie Brown-Russell, who was the first hire on the product and technology team at crypto firm Grayscale Investments. Whatever the competition, Wall Street is beefing up.

Scott Wilk, who worked in crypto before landing at venture capital firm Imaginary, pointed to “all these big banks that wanted nothing to do with crypto.” But, he said, “meanwhile, you find out they were kind of secretly always doing their research in the background, knowing that there would be a time when it would be okay to say that you’re in crypto.”

 

Updated: 11-2-2021

Nike Trademark Applications And Job Postings Hint At Joining The Metaverse

Unlike reported issues with the company’s physical shoe supply, virtual sneakers may not be limited by real world problems stemming from the pandemic.

Sports footwear and apparel manufacturer Nike is exploring the design of virtual materials featuring its iconic logo and slogan.

According to records submitted to the United States Patent and Trademark Office on Wednesday, Nike has filed applications for its namesake, swoosh logo and “just do it” slogan to be used in virtual goods for its entertainment services, retail stores and “for use online and in online virtual worlds.” The filings, along with two recent job postings for virtual material designers, suggest the company is laying the groundwork for Nike-branded products in the metaverse.

Nike said the prospective employees would “play a key role in redefining our digital world, ushering us into the metaverse.” They would join a team of virtual material designers in the company’s Digital Product Creation group to create virtual footwear and other products.

The apparel company seems to have launched its foray into the metaverse in advance of Facebook’s rebranding announcement on Thursday. The social media giant said it would create a virtual environment connecting online social experiences to the physical world.

Though Nike is seemingly advancing its metaverse plans at the same time as Facebook, it has previously delved into nonfungible tokens, or NFTs, and other crypto-related ventures. In 2019, the company patented a system for tokenizing its CryptoKicks shoes on the Ethereum blockchain.

However, the company already has some competition in the metaverse. Sneaker brand RTFKT Studios has released both virtual and physical footwear and obtained the backing of Andreessen Horowitz, Galaxy Digital, and others in an $8-million fundraising round in May.

While Nike’s virtual offerings may not be affected by the global supply chain issues, the company has reported issues with delivering on its physical products, including a dearth of shipping containers, staffing problems, and other pandemic-related restrictions affecting workflow.

Indonesia and Vietnam are responsible for the majority of Nike’s physical shoe production, but the virtual offerings may be created entirely at its Oregon headquarters.

Top US Banks Offer Big Incentives To Lure Crypto Talent

LinkedIn reports that site-wide job listings relating to crypto are up more than 600% since August last year.

Top United States-based banks and financial institutions have filled more than 1,000 positions for crypto experts in the past three years.

According to a Monday report from Bloomberg, financial institutions are offering significant bonuses to attract crypto talent, with human resource consultant Johnson Associates estimating that crypto positions pay salaries that are between 20% and 30% higher than comparable positions unrelated to digital currency.

The firm added that many senior crypto roles benefit an up-to-50% bump in salary over comparable positions, with managing director Alan Johnson concluding:

“The banks can’t run the risk that their clients go to another bank to do these services, so they need to build up.”

Research firm Revelio Labs analyzed 287 crypto-related hirings from Goldman Sachs, Wells Fargo, Fidelity and JPMorgan Chase — the four largest employers of digital asset talent on the professional social networking site LinkedIn. Revelio concluded that crypto specialists enjoy a 9% pay rise over their banking co-workers on average.

In October, LinkedIn reported that site-wide job listings for positions relating to crypto and blockchain have jumped 615% since August 2020.

Bank of America established a dedicated crypto research team in July, with the division’s Alkesh Shah stating, “The industry and the technology became too big to ignore.”

Morgan Stanley also launched a cryptocurrency research team in September, further signaling that top U.S. banks are seeking to attract crypto talent.

 

Updated: 11-4-2021

Survey Finds Lower-Paid Workers Are Quitting Jobs Thanks To Crypto Profits

Almost two-thirds of respondents who quit their jobs after making life-changing gains from crypto had a total income of less than $50,000.

Data suggests that some low-paid members of the workforce are quitting their jobs after making life-changing crypto gains.

Analytics firm Civic Science posted survey results (weighted according to United States census data) on Monday, which shows that 4% of 6,741 respondents aged 18 and over had quit their jobs in the past year due to “financial freedom” earned by investing in crypto assets.

Civic then cross-referenced the 4% figure with data from 1,201 respondents based on their annual income who had quit their jobs due to crypto gains.

Almost two-thirds of those who had quit their jobs due to “mad gainz” earned under $50,000 per year — 27% of those earning less than $25,000, while 37% had a total income of between $25,000 and $50,000. Meanwhile, 15% of those tossing in jobs thanks to crypto had an income between $50,000 and $75,000, 13% between $75,000 and $150,000, and 8% with $150,000 or more.

Civics’ findings may need a pinch of salt, given that it cross-referenced the data from different periods of time and a varied number of respondents. It is also unclear what constitutes “financial freedom” in this context, as Civic provides no explanation or data for what level of crypto gains the respondents made.

“This data implies that crypto investments may have provided life-changing levels of income for some, while the wealthier owners of crypto use it more as another form of asset diversification rather than source of income,” Civic Science wrote.

Billionaire investor and crypto proponent Mark Cuban tweeted a link to the survey saying that:

 

“Wow 4% of people in the USA have quit their jobs because of crypto gains, and the vast majority made under 50k. Now we know why so many people quit low-paying jobs.”

correction, I should have said, 4pct of the Labor Force, or approximately 6m people

— Mark Cuban (@mcuban) November 3, 2021

Cuban was apparently referencing “The Great Resignation” phenomenon, which refers to a significant labor shortage in the U.S. due to a cultural shift of people quitting their jobs in response to the global pandemic, poor wages and unfavorable working conditions.

Another survey result with 17,699 responses between June 17 and Oct. 27, 2021, found that the main reason 28% of respondents reinvested in crypto was as a long-term growth investment.

A further 23% were after a short-term investment, while just 16% were seeking to use crypto as a payment method for “easy, fast and safe transactions,” suggesting that crypto users favor speculation over using the assets for transactions.

“In other words, over half of the population (51%) views crypto to act, more or less, as a traditional stock,” Civic wrote.

The poll also found that 11% of respondents were aiming to hedge against the “adverse economy,” 12% were seeking “independence from government” and 11% answered with “other.”

Crypto Jobs Span U.S. As Hubs Spring Up From Miami To Denver

The crypto job market in the U.S. is mirroring the decentralized ethos of the industry itself — it’s everywhere.

New York, San Francisco and Los Angeles have the largest shares of crypto hires this year, followed by the Miami and Chicago metropolitan areas, according to a new ranking based on LinkedIn data. But the remaining 53% of crypto jobs in the study were dispersed elsewhere in relatively small chunks, the data show.

Widespread Crypto Gigs

New York, San Francisco have largest shares of crypto specialist jobs.

 

The study, provided by LinkedIn at Bloomberg’s request, shows that the industry hasn’t settled on a single hub like finance in New York, tech in San Francisco and movies in Hollywood.

It’s the result of a culture where many crypto entrepreneurs will often hold themselves out as renegades who reject traditional boundaries. At the same time, the global pandemic has shown white-collar work can be done from anywhere.

“Crypto companies are an extreme version of tech, where the ethos of their work is about being decentralized,” said Seattle-based Diogo Monica, co-founder of crypto technology services company Anchorage Digital, which is hiring for remote jobs around the world. “This means cities and states with lower taxes, great infrastructure, and quick access to an international airport will benefit from fully remote work.”

A crypto hire is any LinkedIn member who started a new job with titles including the keywords “crypto,” “blockchain,” “Bitcoin,” “Ethereum,” or “Solidity” — the latter being a smart contract programming language used for blockchain technology.

The data is meant to serve as a rough proxy for the broader crypto job market, but by design, it will only capture crypto specialists, and not, for instance, a human resources worker for a crypto company. The study covers the first nine months of the year.

Adjusting for population, crypto is having a clear impact on mid-sized metropolitan areas. The amount of total jobs pale in comparison to larger cities, but per capita the job creation is sizable. Two or more people were hired for crypto jobs this year for every 100,000 LinkedIn members in Austin, Texas; Denver; Raleigh, North Carolina; and Salt Lake City.

 

Hubs such as New York and San Francisco still control a significant share of the jobs, as they have with other areas of financial technology. But crypto celebrities and thought leaders have shown they have the sway to lure newcomers to nontraditional markets.

Elon Musk, who has whiplashed coins with his crypto musings on Twitter, is moving Tesla Inc. to Austin. Cathie Wood, the famous Bitcoin bull and ETF manager, is moving Ark Investment Management to St. Petersburg, Florida. And crypto booster and investor Anthony Pompliano has put down roots in Miami.

Miami Mayor Francis Suarez — who openly daydreams of making the Magic City the “crypto capital of the world” — said different parts of the U.S. will naturally have different competitive advantages. He said crypto mining has the potential to revitalize parts of rural America wherever surplus electricity can be found cheap. Meanwhile, exchanges and the popular crypto convention circuit are flocking to urban centers nationwide.

“The medium to long-term prospects are enormous,” Suarez said. “It’s as transformational as the Industrial Revolution was.”

Certainly, there’s more than a little risk in betting a city’s economic future on crypto or blockchain. The emerging technology still faces an uncertain path fraught with regulatory hurdles. But the potential payoff is proving to be compelling as the number of jobs in crypto is clearly accelerating in most places. Many cities are on pace to surpass crypto hiring from previous years, especially in second-tier markets.

Robert Zagotta, U.S. chief executive officer of cryptocurrency exchange Bitstamp, said his company is happy to be in New York, but also praised darkhorse crypto towns like Miami, where Suarez has proposed paying city employees a portion of their paychecks in Bitcoin and allowing residents to pay taxes and fees in the cryptocurrency.

“Forward-thinking cities like that will continue to see rich growth in job creation in this flourishing industry,” he said.

LinkedIn has approximately as many members in the U.S. as there are workers in the U.S. labor force, making it a useful — if imperfect — dataset in the absence of official Bureau of Labor Statistics data on the sector. The team analyzed over 5,000 hires since January 2019 whose jobs met the criteria, and the most common job titles among them were cryptocurrency trader, blockchain developer, Bitcoin miner, blockchain specialist and blockchain consultant.

Update: 11-5-2021

New Study Reveals Which US Cities Lead Crypto Hires In 2021

LinkedIn data shows that while major cities lead the crypto-related hires, half the jobs in the U.S. are dispersed around the country.

Metropolises have led the crypto-related hires in the United States in 2021, but jobs in the space are well-dispersed around the country, LinkedIn data revealed.

A new study conducted by LinkedIn for Bloomberg shows that there is not a single hub for crypto or blockchain specialists in the United States. Searching through LinkedIn members in the U.S. who listed a new job in the first nine months of the year that matched keywords crypto, blockchain, Bitcoin, Ethereum or Solidity unveiled that about 53% of crypto jobs are dispersed across the country in small chunks.

As crypto and blockchain stand at the intersection of finance and technology, traditional finance hub New York and tech hub San Francisco unsurprisingly led the pack. Los Angeles ranked in third place, followed by Miami and Chicago.

Diogo Mónica, co-founder of crypto technology services company Anchorage Digital, highlighted that decentralized organizational structures are driving a remote workforce, especially among crypto companies. “This means cities and states with lower taxes, great infrastructure, and quick access to an international airport will benefit from fully remote work,” he added.

When adjusted for population, the crypto industry’s impact on mid-sized metropolitan areas becomes clearer: For every 100,000 LinkedIn members, at least two people were hired for said crypto jobs in Austin, Denver, Raleigh and Salt Lake City.

For example, New York leads the hires with an 18.3% market share, but it hired an average of 2.8 people for every 100,000 LinkedIn members, while in Austin, Texas, three people have been hired for the same scale even though the city has 2% share.

U.S. cities are also trying their best to attract the crypto industry. Newly elected New York City Mayor Eric Adams shared his plans to make the city the center of the cryptocurrency industry. He also followed Miami Mayor Francis Suarez’s example by stating that he will take his first three paychecks in Bitcoin (BTC).

 

Updated: 11-11-2021

FTX To Expand Miami Office As Crypto Jobs Gravitate To Florida

FTX US is expanding in Miami, where the cryptocurrencies exchange already owns the naming rights to the Miami Heat basketball arena.

The company is building a permanent space with capacity for 16 to 18 employees in the Brickell financial district, an increase from the four people now in a temporary office nearby, Avinash Dabir, FTX US’s vice president of business development, said in an interview.

Miami, home to renowned beaches and nightlife, is emerging as an early beneficiary of the crypto and blockchain industries’ growth, especially after the pandemic spurred work-from-anywhere rules. FTX, for example, has significant offices in San Francisco, Chicago and now Miami, in addition to an international operations unit that recently moved to the Bahamas.

Dabir said the crypto opportunity in real estate is still in its early stages, and FTX’s role is essentially in cutting out friction in the conversion and payment process. But he envisions a time when property titles could be non-fungible tokens, or NFTs; escrow accounts could be handled through smart contracts; and crypto could help improve the entire real-estate process.

“I can’t think of a better place to do that” than Miami, he said. “It feels like everyone I talk to is in real estate, outside of crypto.”

The Miami office now is primarily focused on business development, partnerships and derivatives, with key people from its recent acquisition, crypto derivatives firm Ledger Holdings Inc., also based there.

Dabir said recent Miami-related partnerships, including one with Property Markets Group, will facilitate local real estate transactions involving cryptocurrency. The partnership is currently helping with payments in crypto on units for PMG’s new E11EVEN Hotel & Residences, Dabir said.

Updated: 11-14-2021

Quant Hedge Fund Two Sigma Hiring Crypto Operations Manager

Someone with a passion for cryptocurrencies needed to help manage the daily operations of an exciting growth initiative for Two Sigma Securities, said a job posting.

Two Sigma, the technology-focused hedge fund based in New York, is looking to hire a Crypto Operations person to help build out the firm’s emergent cryptocurrency trading business, according to a recent job posting.

The open position to Join Two Sigma Securities’ crypto trading business is based in London.

“We are seeking an experienced, highly organized individual with strong attention to detail and a passion for cryptocurrencies/digital assets to help manage the daily operations of an exciting growth initiative for Two Sigma Securities,” according to the job posting.

“You will be a critical member to help drive the buildout and scaling of Two Sigma Securities’ crypto trading business by performing vital middle office and post trade support functions and helping create a best-in-class platform to manage operational risk,” the listing said.

Two Sigma, which employs artificial intelligence and machine learning to trade stocks, is a backer of crypto projects via its VC arm, Two Sigma Ventures. Last month, Two Sigma Securities joined the Pyth Network, a data oracle system for decentralized finance linked to the Solana blockchain.

The right candidate will be responsible for managing “all aspects of cryptocurrency trade capture, reporting, settlement and reconciliations,” as well as seeing to “Daily and month end reconciliation of trades, positions, cash and P&L.”

Two Sigma did not return requests for comment by press time.

Updated: 11-22-2021

MoonPay, A Paypal For Crypto, On Hiring Spree With $555 Million

Crypto-payments company MoonPay plans to hire around 200 people and make acquisitions to accelerate growth after raising $555 million in a funding round with Tiger Global Management and Coatue Management.

Speaking in an interview, MoonPay Chief Executive Officer Ivan Soto-Wright said the company will add jobs around the world, including in Miami, where he is based. He said the company will hire full-stack engineers as well as workers for compliance, customer support and business development, more than doubling the current headcount of about 130.

“Part of why we’re raising this round is to be able to attract the best talent from anywhere in the world,” Soto-Wright said in a Zoom interview. “And we want to expand our coverage. We want to be in more countries. We want to turn on more payment methods.”

MoonPay’s fundraising is the latest sign of the mounting interest among big-name investors in crypto-focused financial technology.

Despite the volatility of coin prices from one day to the next, many venture capitalists are betting that crypto itself is becoming an unstoppable juggernaut and that investments in platforms can be a way of betting on the ecosystem without picking winners among the thousands of digital assets.

For its part, MoonPay describes itself as a sort of PayPal for the crypto economy — a business-to-business-to-consumer passport that enables more seamless transactions between individuals and crypto firms, such as purveyors on non-fungible tokens, or NFTs.

It’s designed to allow users to buy and sell digital assets and NFTs via credit and debit cards; Apple, Google or Samsung Pay; or their bank accounts.

“It’s much more about integrating the many players in the ecosystem and opening it up to the user,” said Ophelia Brown, a managing partner a Blossom Capital, which participated in the fundraising.

The MoonPay founder said the fundraising valued the company at $3.4 billion, including the raised funds, a figure that was previously reported by The Information. Other investors include NEA, Paradigm and Thrive Capital.

The company says its “know-your-customer” and fraud prevention efforts, among other things, help businesses access more consumers without having to build complex infrastructure and compliance protocols from scratch.

Soto-Wright said Miami would be a major hub for the company — a win for a region that, despite growth, has so far landed few major technology startups. Some of the few examples include augmented reality company Magic Leap Inc. and pet products e-commerce company Chewy Inc.

“We think we can be a Miami first company,” he said. “There haven’t really been really powerful technology companies based here. So we see we have an opportunity to represent the tech scene here.”

Citi Plans To Hire 100 Staffers For Beefed-Up Crypto Division

The bank has also named Puneet Singhvi as head of digital assets for its institutional clients group starting Dec. 1.

Global banking powerhouse Citi is hiring 100 people to beef up its blockchain and digital assets division, according to a person familiar with the bank’s plans.

Citi has also made Puneet Singhvi head of digital assets for the institutional clients group (ICG) at Citi as of Dec. 1, according to a company memo shared with CoinDesk. Singhvi was most recently head of blockchain and digital assets for Citi’s Global Markets team.

Singhvi will report to Emily Turner, head of business development for the Institutional Clients Group at Citi. Shobhit Maini and Vasant Viswanathan will be co-heads of blockchain and digital assets for Global Markets.

“We are focused on assessing the needs of our clients in the digital asset space,” said Citi in an emailed statement. “Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks in order to meet our own regulatory frameworks and supervisory expectations.”

The Citi memo shared with CoinDesk said that in addition to the senior roles announced Monday, the company intends to “hire additional talent over the next several months, and will be posting roles across ICG businesses, functions, and the ICG Business Development team.”

Updated: 11-23-2021

Citi Group Appoints Head Of Digital Assets In Crypto Hiring Spree

The new head of digital assets at Citi’s institutional branch will focus on pursuing connections and investments with clients, startups and regulators.

American multinational investment bank Citi announced it had appointed Puneet Singhvi to lead the digital assets division of its Institutional Clients Group (ICG) starting on Dec. 1.

In addition to appointing Singhvi on Monday, Citi is hiring 100 additional personnel tfor its digital assets division. The move indicates a concerted effort to beef up the financial group’s understanding of digital assets. Singhvi was previously the head of blockchain and digital assets in Citi’s trading business.

Citi Group is the world’s largest issuer of credit cards, and its ICG serves corporations, financial institutions and governments around the world.

An emailed statement from Emily Turner, head of business development at the ICG, hinted that the bank is exploring its options in providing digital assets services to its clients.

“Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks in order to meet our own regulatory frameworks and supervisory expectations.”

Turner continued by saying, “We believe in the potential of blockchain and digital assets including the benefits of efficiency, instant processing, fractionalization, programmability and transparency.”

Citi is not the only major U.S. bank hiring crypto talent. The Bank of America sought a specialist on Ripple (XRP) in October. Additionally, Yahoo News reported on Nov. 6 that financial institutions have increased crypto hires by 40% in the first half of 2021, and they are attracting this new tech talent by increasing pay packages by as much as 50%.

In addition to Citi, other major banks seeking crypto talent include J.P. Morgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Goldman Sachs, Morgan Stanley, Capital One, UBS, Credit Suisse and Barclays.

Citi Group does not currently offer any dedicated digital asset services for its clients, although rumors circulated in late August that it was considering offering Bitcoin futures trading for institutional investors.

Some of Citi’s competitors among the top banks in the United States already offer various services related to digital assets. J.P. Morgan provides access to six different crypto funds while the Bank of America currently offers Bitcoin futures trading for certain clients and operates a crypto research team.

Updated: 11-24-2021

Why Aren’t More Law Schools Teaching Blockchain, DeFi And NFTs?

To counsel clients involved in the DeFi space, wouldn’t you want a lawyer with the technological literacy to understand blockchain and the legal issues surrounding it?

Blockchain technology is transformative for both our financial system and commercial enterprises, as well as for improving the human condition.

More and more unbanked citizens both abroad and here in the United States now can have the capability to transfer and receive funds from loved ones with speed, economic efficiency and anonymity, where necessary, from oppressive regimes and governments and unstable economies.

Traditional financial systems that have long not been available in underserved communities in various parts of Africa, Asia and Latin America must now recognize the power and efficiency of blockchain.

In less than two years, decentralized finance, or DeFi, has sprung up. These communities can borrow and exchange funds in a matter of minutes for their businesses or personal expenses. DeFi has grown from an ecosystem of less than $1 billion in early 2020 to one with over $250 billion in locked value today.

Interest in nonfungible tokens, or NFTs, has equally exploded. These collectibles and other forms of NFTs captured more than $10 billion in sales volume in quarter three, up from $1.2 billion six months prior.

Importantly, these blockchain use cases have legal and regulatory considerations. In particular, the United States Securities and Exchange Commission has made clear that most forms of tokens should be considered “securities” and thus subject to both the jurisdiction of the SEC and the regulatory frameworks of U.S. federal securities laws.

In a recent article in The International Journal of Blockchain Law, the SEC’s newest commissioner, Caroline Crenshaw, notes:

“Many DeFi offerings and products closely resemble products and functions in the traditional financial marketplace. […] Market participants who raise capital from investors, or provide regulated services or functions to investors, generally take on legal obligations.”

In other words, certain aspects of DeFi likely involve the jurisdiction of multiple federal authorities, including the Department of Justice, Financial Crimes Enforcement Network, Internal Revenue Service, Commodity Futures Trading Commission and SEC.

In the NFT space, there is no question that various intellectual property rights are implicated, such as copyright and trademark laws, as well as possible securities laws.

The Need For Tech-Educated Lawyers

It is clear there is a growing need for lawyers here and abroad to understand these possible legal issues and jurisdictions. It is, or should be, obvious that the best lawyers are those who can counsel their clients from a sophisticated understanding of the area of business in which their clients operate.

To counsel clients involved in the DeFi space, wouldn’t you want a lawyer with the technological literacy to understand blockchain and the legal issues surrounding it? And perhaps one with education or experience in finance or accounting, rather than one who studied philosophy or chemistry in college?

As the many uses of NFTs explode, shouldn’t your lawyer have a good handle on the IP laws and artistic rights associated with the proposed NFT?

I believe lawyers should, and that is part of the reason I am now teaching both blockchain law and fintech law at Florida International University College of Law in Miami after practicing law at law firms and the SEC for 40 years.

As businesses start up or grow into the use of digital assets, they will need guidance on the “rules of the road,” as I believe most businesspeople want to do the right thing and follow established laws.

For this, they should be able to turn to the next generation of lawyers — those currently in law school — for the answers, or at least for the correct guidance.

Yet shockingly, only around two dozen or so of the over 200 law schools here in America teach a class dedicated solely to blockchain or solely to financial technology, last time I checked. That is only 10% of all law schools! That has to change, and rapidly.

Earlier this year, I wrote a column about concerns I and others have with China’s efforts to have the digital yuan replace the U.S. dollar as the world’s reserve currency, stating that the U.S. has to more quickly embrace the idea of a central bank digital currency (CBDC) and its development. The same is true with our new crop of lawyers.

We must be educating them in new technologies and the use cases of blockchain, artificial intelligence, data analytics, and augmented and virtual reality, among others. This will vitally assist them in better representing clients. The last great technology was the internet, which the U.S. dominated in its development — but that was 25 to 30 years ago.

U.S. leadership and dominance are not present with blockchain technology. Lawyers can assist in advancing this goal, with a good understanding of both the technology and laws affecting it, helping to shape or reshape the laws that do and should apply to it.

The Intersection Of Technology And U.S. Laws

Let’s look briefly at two legal cases demonstrating how NFT activities have found their way into the crosshairs of U.S. laws. In a lawsuit filed on Nov. 16 in federal court in Los Angeles, Miramax sued director Quentin Tarantino, who had been a collaborator on various movies, for breach of contract, copyright and trademark infringement, and unfair competition.

Tarantino had allegedly been preparing to sell seven previously unpublished, unused scenes from his Pulp Fiction movie script in December. Miramax claims this violates its rights to the movie in various operative agreements, and Tarantino apparently believes these proposed NFTs are his to sell under the “reserved rights” provisions of his contracts with Miramax.

A cease-and-desist letter from Miramax to Tarantino is apparently being ignored by him. It will be interesting to see what happens with this next month.

In a lawsuit filed in May in the Supreme Court of the State of New York, Dapper Labs — developer of the Flow blockchain and collaborator with the National Basketball Association on selling NBA Top Shot Moments — was sued in a class-action lawsuit.

The gravamen of the complaint is that the tokens on the Flow blockchain, which powers and brands the NFTs, are “securities.” Also at the center of the lawsuit is the NBA Top Shot “Marketplace” itself, located on its website, where you can purchase and sell these “Moments.”

Thus, it is alleged that the sale and exchange of the tokens involve the sale of unregistered securities in violation of Section 12(a)(1) of the Securities Act of 1933. Noteworthy is that the legal proceeding was filed in state, not federal, court and that the NBA itself was not named in the action.

This can perhaps be explained in that the NBA was not the “issuer” of the securities and that the plaintiff’s lawyer prefers state court, where a judge may be more inclined to allow the case to proceed and not subject them to sanctions.

These cases are illustrative of my point of needing lawyers who understand these technologies and their legal implications. So, let’s get to training our future lawyers for the future, as the future is now!

 

Updated: 12-13-2021

Recruiters Say Crypto Firms Seeking Leadership In Engineering, Legal And Finance

Talent recruitment experts say that crypto firms are in dire need of the best leadership available to scale their businesses.

The crypto industry has enjoyed astronomical growth over the last couple of years. Now, talent recruitment experts say that crypto firms are in dire need of good leadership to scale their businesses.

Previously seen as a nascent market, crypto is now a fast-maturing industry that attracts a lot of talent, David Richardson, partner at executive search firm Heidrick & Struggles, told Cointelegraph.

“It’s all driven by the growth rate of these firms and hiring leaders that can help them continue to scale and continue to keep pace with the growth rate in the business,” he said.

Crypto companies are looking for executives who have scaled businesses successfully. They are ready to onboard such talent without prior knowledge of crypto or digital currency, added Heidrick & Struggles engagement manager Adrianna Huehnergarth. “We’re seeing a lot of need for heads of engineering leaders who have built teams of scale,” she continued.

Experts said the most sought-after skills for the C-suite are engineering, legal, finance, go-to-market and corporate development. Apart from expertise, companies seek low-ego executives who display adaptability, passion and excitement for growth and the mission of the space.

Since the regulatory landscape tends to be different in each country, the significance of regulatory and legal executives make a lot of sense, Huehnergarth said. “Many companies we’ve been working with have had more of a regional focus instead of a more traditional, centralized type of setup.”

For the crypto ecosystem, remote work became a major incentive to attract the top talent, Huehnergarth said, adding that many companies have gotten rid of their headquarters. The long-term incentives and cash compensation are also high enough to retain the talent.

“[Crypto] companies have the cash and have been bidding away very senior talent who only have one or two years of crypto experience with offers that they cannot turn down.”

Some companies are more tech than fin, and some companies are more fin than tech in the overall fintech ecosystem, Richardson pointed out. A lot of that culture is determined by the founding team and how they set it up early. He explained that while most crypto businesses start with a core tech team, they require GMs, sales, finance, legal and compliance talent as they scale up.

As the company grows, a lower degree of technical competence becomes sufficient, he added. When the technical barriers lower, people who have more broad experience in investing in alternatives are able to look at crypto as an excellent avenue to explore.

Updated: 1-12-2022

Crypto Job Postings Are Through The Roof

On LinkedIn, U.S jobs postings with keywords “bitcoin”, “blockchain” and “cryptocurrency” were up almost 400% from the previous year as of December.

Job postings in the cryptocurrency world jumped nearly fivefold in 2021, even as job vacancies in the overall U.S. labor market continued to peak.

A recent LinkedIn analysis has found that positions with “bitcoin,” “ethereum,” “blockchain” and “cryptocurrency” roles grew 395% in the U.S. from 2020 to 2021.

Some of the most common titles included blockchain developers and engineers, LinkedIn said. And most of the job postings were in software and finance related positions. But crypto-related job postings were also within several sectors like accounting and consulting.

The growth of crypto offers posted even surpassed a 98% increase in listings in the broader tech sector.

Techies at legacy firms like Google (GOOGL) – Alphabet Inc. Class A Report, Amazon (AMZN) – Amazon.com, Inc. Report, Apple (AAPL) – Apple Inc. Report are jumping ship in the hopes to become the next big thing in crypto, The New York Times reported in December.

The spike in cryptocurrency related hiring also comes at a time when investors too have flooded onto the scene.

Investors worldwide poured $30 billion into crypto and blockchain startups in 2021, according to PitchBook data.

Crypto marketplace OpenSea and Chainlink, which supports over $80 billion worth of assets tied up in various smart contracts, are among crypto startups companies leading this new wave of hiring.

Cryptocurrencies across the board witnessed a wide selloff in the past weeks, with prices of some of the most popular tokens including bitcoin, ethereum, XRP, solana, and dogecoin all declining sharply.

Separately, Americans quit their jobs in record numbers ahead of the holidays, with an all-time monthly high of 4.5 million people handing in their resignations in November, according to newly released government data.

Even a modest uptick in hiring didn’t put much of a dent into the near-record high rate of unfilled positions.

 

Updated: 1-18-2022

Goldman, JPMorgan And Citigroup Try To Lure Talent By Out-spending Crypto Firms On Pay

Wall Street giant’s compensation expenses soared 33% in 2021.

The bill has come due for Wall Street’s deal-making spree, and it is being sent by human resources.

Goldman Sachs Group Inc.  said Tuesday it shelled out an additional $4.4 billion in compensation in 2021, sending the bank to its only quarterly profit decline of the year. JPMorgan Chase & Co. on Friday said it had spent an additional $3.6 billion on compensation in 2021, and Citigroup Inc.  spent an additional $2.9 billion, dragging down its fourth-quarter profit as well.

Investment-banking units across the industry have notched blockbuster results in the pandemic, first from nervous companies that wanted to raise debt and then from confident CEOs who wanted to expand their empires. Raucous markets pushed trading revenues skyward. Firms like Goldman have raced to hire enough people to keep up with the flood of deals and are now paying to keep them from jumping ship.

Wall Street tried to keep the lid on pay in 2020 as business boomed but the overall economy languished. Goldman raised compensation by 8% in 2020, even though revenue jumped 22%.

In 2021, Goldman boosted its pay by 33%. Revenue also jumped 33%.

“There is real wage inflation everywhere in the economy,” Goldman CEO David Solomon said on a call with analysts.

Shares fell nearly 7%.

Like JPMorgan and Citigroup, Goldman recorded big profits for the full year. Goldman’s investment bank reported record annual revenue and its trading unit booked its highest annual revenue in 12 years, driving the firm to record annual revenue and profit.

But the compensation expenses weighed on fourth-quarter results. Goldman’s fourth-quarter profit declined 13% to $3.94 billion, or $10.81 per share, ending what had been a streak of big gains. The bank also missed analysts’ forecasts for per-share earnings.

Goldman’s revenue rose 8% to $12.64 billion, beating expectations.

Wall Street’s battle for talent has played out at all levels. Multiple firms raised salaries last year for junior bankers, many of whom found the grunt work of entry-level banking less appealing when they were doing it from home. Goldman, for example, increased base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000.

At senior levels, pay is largely in the form of stock awards and can stretch into the millions.

Goldman is also giving its partners an additional one-time stock bonus. The additional grant was first reported by Bloomberg News.

JPMorgan this week is awarding investment bankers bonuses from a pool that is 30% to 40% higher than it was a year ago, according to a person familiar with the matter.

“We will be competitive in pay,” JPMorgan CEO Jamie Dimon said last week on a call with analysts. “If that squeezes margins a little bit for shareholders, so be it.”

Some firms, like Citigroup, are using their more-flexible work-from-home policies as a recruiting tool.

Goldman and JPMorgan were more aggressive last year in calling employees back to the office, though Goldman told employees last week that they could work from home until Feb. 1 because of the Omicron variant.

Mr. Solomon said Tuesday he expects Covid-19 will become endemic and that “as a society we will find a way to live with it.” He said he is optimistic that Omicron’s economic impact will be relatively muted compared with earlier variants.

Mr. Solomon also said that Goldman will be “flexible and dynamic” with protocols, “while also enabling the majority of our people to be back in the office safely.”

Overall, Goldman continued to benefit from ebullient deal making. Investment banking revenue jumped 45% to $3.8 billion, with demand for mergers and acquisitions still brisk. JPMorgan and Citigroup last week also reported big gains in investment-banking fees.

Trading revenue was $3.99 billion, down 7% as pandemic-induced volatility in capital markets subsided. Trading revenue fell 11% at JPMorgan and 17% at Citigroup.

Bond-trading revenue of $1.86 billion was essentially flat from a year earlier, while stock-trading revenue shrank 11%.

While profits are still flowing from Wall Street, Goldman is working to grow its businesses that cater directly to consumers. Revenue from its consumer and wealth management unit, which includes the Marcus consumer bank and the team serving wealthy clients, rose 19% in the fourth quarter. Consumer banking revenue grew 8% as consumers carried higher credit card balances.

The bank’s return on equity, a measure of how profitably it uses shareholders’ money, was 23% in 2021 after a return of 11.1% in 2020. In January 2020, Goldman set a target return of at least 13% by 2023. “The story I’m proud of is our outperformance on a relative basis,” Mr. Solomon said in an interview.

Updated: 1-18-2022

Goldman’s Record Expenses Show Ballooning Costs of Talent War

* Firm Follows JPMorgan In Boosting Bankers’ Pay And Benefits
* Shares Slide Most Since 2020 After Firms Outline Surging Costs

In the escalating battle for Wall Street’s best and brightest, banks are paying up and share prices are taking a hit.

Goldman Sachs Group Inc. is the latest industry giant to report record-high annual expenses fueled by soaring compensation and benefits costs. The bank’s earnings report on Tuesday followed JPMorgan Chase & Co., which surprised the market last week with expenses at an all-time high and Chief Executive Officer Jamie Dimon vowing to pay whatever it takes to win the war for talent.

Wall Street bosses are shoring up their ranks, sweetening payouts and bolstering salaries at every level after the pandemic unleashed a trading and dealmaking boom — adding to pressure driving up wages from soaring inflation and a tight labor market. They’re also fending off threats from expanding fintechs by making investments in new businesses and recruits with technology expertise.

Goldman Sachs is “committed to rewarding top talent” in a competitive labor environment, Chief Financial Officer Denis Coleman said during a call with analysts Tuesday. While the bank doesn’t expect operating expenses to rise materially from here, it will continue to spend on technology and engineering, he said.

The firm, which also reported steeper-than-expected trading revenue declines, said expenses soared 33% to almost $18 billion last year, with compensation and benefits the single biggest driver of the hike.

Without those costs, expenses would have dropped 9%, partly because of lower provisions for litigation and regulatory proceedings, the New York-based company said in a statement.

Shares of Goldman Sachs slumped 8.3% to $349.16 at 1:20 p.m. in New York, paring the gain over the past 12 months to 16%.

JPMorgan also said it spent more in 2021 than it initially forecast because of higher compensation costs. The bank expects this year to be even more expensive, anticipating about $77 billion of non-interest expenses. Some of that is due to the inflationary effects on wages — a trend that helped drive the biggest share-price decline since 2020 on Friday.

Likewise, Wells Fargo & Co. CFO Mike Santomassimo said Friday that his bank was seeing above normal wage inflation as well.

Pay Pressure

Compensation and pay pressures emerged as a hot-button topic throughout last year. Bank bosses were forced to hike salaries for legions of burned-out junior bankers and reach for higher bonus payouts following restraint in 2020 to keep top performers happy.

Goldman is rewarding its partners — roughly 400 executives — with a special one-time award, Bloomberg reported last week. That payout will be in addition to their typical cash and bonus compensation, which ranges from a few million dollars to multiples of that after a year of record earnings.

The bank will likely to boost its bonus pool for investment banking by about 50% while JPMorgan’s increases may extend to 40%, Bloomberg reported last month.

The banks are also increasing headcount in a bid to stave off competition from an explosion in fintech firms. Goldman hiked staffing levels by 8% during 2021 as it added technology professionals and made new business investments, it said.

Citigroup Inc. hired 5,500 people for its technology arm and increased technology spending by 10% from a year earlier to about $10 billion, it said on Friday. The bank also increased salaries for U.S. junior investment bankers. First-year analysts will see their base pay rise to $110,000 while second- and third-year analysts will get $125,000.

“There’s a lot of competitive pressure out there on wages and pay,” Citigroup CFO Mark Mason said.

 

Updated: 2-15-2022

Circle Launches ‘Digital Financial Literacy’ Module For Students At Bowie State And Rhodes Universities

The module will be available to students in Maryland and South Africa in the coming months.

Payments company Circle Internet Financial is working with Bowie State University in the U.S. and Rhodes University in South Africa to introduce a module in digital financial literacy for business students in the next few months.

* Circle, the issuer of the USDC stablecoin, said the program is part of the Entrepreneurial and Technological Empowerment Program, which is supported in South Africa by the U.S. Department of State.

* The module, part of the Circle Impact initiative, will be available to students already enrolled at the universities based in Bowie, Maryland, and Makhand, South Africa.

* “A key pillar of Circle Impact is to ensure the future of finance leaves no one behind by establishing a digital financial literacy initiative, and both Bowie State and Rhodes universities are aligned in our mission to help us foster fair and equitable access,” said Dante Disparte, chief strategy officer and head of global policy at Circle.

* As cryptocurrency and digital payments become mainstream, more educational institutions around the world are introducing modules. Researchers from CoinDesk recently released their inaugural Blockchain University Rankings, which analyzes 230 schools across the world.

Updated: 3-9-2022

Treasury To Launch Financial Education Initiative Around Bitcoin Investments

More education and awareness for crypto-asset investing “would be helpful,” according to Treasury officials.

The United States Treasury Department is launching a new initiative to raise awareness of the risks involved in investing in digital assets.

The move comes as the asset class transitions from a niche market into mainstream investment, according to a top Treasury official, potentially drawing in less sophisticated investors.

The Department’s Financial Literacy Education Commission is developing educational materials designed to inform the public how crypto assets operate and differ from traditional assets.

Treasury Undersecretary For Domestic Finance, Nellie Liang, Told Reuters That The Target Demographic Is People That Have Limited Access To Mainstream Financial Services. She Stated:

“We’re hearing more and more about investors and households who are purchasing crypto assets, and we recognize the complexity of how some of these assets operate.”

Liang added that it was an area where more education and awareness “would be helpful.”

Better education and financial literacy are obviously of public benefit. There has been criticism that the focus from regulators to date on “protecting” consumers has actually led to the exclusion of disadvantaged communities from accessing crypto wealth-building opportunities.

Cleve Mesidor, Founder Of The National Policy Network Of Women Of Color In Blockchain, Told Cointelegraph Magazine Recently:

“If they were more focused on financial literacy and skills training and workforce training, that would be acceptable, but they are mostly focused on consumer protectionism.”

The new education division comprises 20 different agencies including the Securities and Exchange Commission. The initiative may ease concerns that regulators have over the risks associated with crypto investing and could bolster their ongoing mission to protect investors from industry scams.

The Treasury Department Appears To Be Taking A Proactive Approach To The Problem, Acknowledging That Digital Assets Could Offer Additional Benefits For Cross-Border Payment Or Financial Inclusion. Liang Added:

“We’re just trying to raise awareness without trying to stamp out new technology and new innovation.”

This week, U.S. President Joe Biden is expected to sign an executive order summarizing the government strategy for dealing with crypto assets.

Treasury Secretary Janet Yellen inadvertently revealed details of the order today, which will also direct the Justice Department, Treasury and other agencies to study the legal and economic impacts of developing central bank digital currency (CBDC).

Educational initiatives are not just limited to governmental departments. In January, basketball superstar LeBron James partnered with Crypto.com to launch an education initiative to teach students in his hometown of Akron about cryptocurrency and blockchain technology.

In February, Cointelegraph reported that peer-to-peer (P2P) platform Paxful launched “La Casa Del Bitcoin,” a new educational and training center in El Salvador to provide free learning opportunities related to Bitcoin and cryptocurrencies.

The education drive also goes both ways as leading crypto firms have increased their lobbying on Capitol Hill over the past year. Companies such as Ripple Labs and Coinbase have been increasing efforts to “educate” policymakers on the industry and its underlying technology.

 

Updated: 5-5-2022

Bankers Quit Jobs For Shot At Riches In ‘Wall Street Of Crypto’

* Binance Says It’s Recruiting More Bankers For Its UAE Hub
* BitOasis CEO Says Crypto Euphoria In Nation Is Here To Stay

In the shadow of Dubai’s sail-shaped Burj Al Arab hotel, crypto executives rubbed shoulders with Emirati royals, Wall Street bankers and Instagram influencers.

The festivities in late March were organized by Binance Holdings Ltd. in its de facto home of the United Arab Emirates, which is fast becoming a global hub for digital currencies.

Co-founder and Chief Executive Officer Changpeng ‘CZ’ Zhao skipped the event as he recovered from Covid, but he was top of mind for partygoers who said they aspired to replicate his rapid ascent from software developer to one of the world’s wealthiest people.

Following Zhao’s lead, many are flocking to the UAE, which he has called the “Wall Street of crypto.” The euphoria even has local bankers, lawyers and big tech executives pondering career pivots of their own to cash in.

“We see a lot of interest from employees in traditional financial institutions who want to work for us,” Richard Teng, the head of Middle East and North Africa at Binance, which is the world’s largest crypto exchange by trading volume, said in an interview at Bloomberg’s Dubai office. “We’re actually recruiting a number of them.”

Career Pivots

In February, Binance tapped Vishal Sacheendran, a former Bank of New York Mellon Corp. banker, as its UAE-based director of MENA.

Robbie Nakarmi, the firm’s senior counsel in Dubai, joined late last year after almost a decade as a mergers and acquisitions lawyer.

They’re far from alone.

Ahmed Ismail, a former banker at Bank of America and Jefferies in Dubai, pivoted in 2017. He launched HAYVN, an Abu Dhabi-based digital currency investment bank, with Chris Flinos, a fellow BofA alum. He said several banker friends recently quit their jobs to launch crypto investment funds.

“It all starts from the top,” Ismail said in e-mailed comments. “We have witnessed the UAE making a huge push in developing world-class infrastructure and a regulatory environment for crypto firms to thrive and call home.”

Amir Tabch, former head of global markets at Emirates Investment Bank, is one of the more recent folks to decamp.

He became CEO of DeFi brokerage Securrency Capital in Abu Dhabi last June after 16 years in the traditional banking sector. In his new role, he said he’s looking to hire more bankers to help “bridge the gap” between traditional and digital finance.

Surging inflation is compelling more investors to consider investments in digital assets as a potential hedge, yet many who’ve piled in recently have been stung by steep losses.

Bitcoin, the world’s largest cryptocurrency, has almost halved in value since its peak last November.

The UAE’s crypto-friendly policies — in contrast to tightening regulations in other jurisdictions — have lured the largest firms.

In an interview in late March, Binance’s Zhao said Dubai is the firm’s HQ by any common interpretation. “Wherever we go, the industry players do tend to follow.”

Crypto hedge fund Three Arrows Capital said last month it’s planning to move its headquarters to Dubai from Singapore, which has been more conservative with its regulatory approach toward virtual currencies.

UAE authorities, meanwhile, are trying to strike a delicate balance as they promote the business-friendly environment that’s made Dubai an attractive home for many of the biggest financial firms while also seeking to navigate concerns about volatility and financial crime dogging the crypto industry.

Ola Doudin, the CEO of Dubai-based BitOasis, said the UAE government has demonstrated its strong commitment to address illicit finance concerns in the industry and that centralized exchanges like hers offer local investors a safer way to invest in virtual assets compared with peer-to-peer platforms.

“It won’t be easy to dethrone the UAE as the global crypto hub,” said Gabriel Abed, Ambassador of Barbados to the Gulf nation. Abed created the Caribbean’s first blockchain firm in 2010 and hosted Binance’s Zhao at his house as the Chinese-Canadian billionaire got settled in the UAE.

“This country literally has every piece of the puzzle – the leadership, regulations, the free zones, the talent and the capital,” Abed said in a phone interview.

Wealth Funds

Wealth funds are also joining in. Abu Dhabi’s Mubadala is investing in the cryptocurrency ecosystem, its spokesman Brian Lott said.

Investment firm Royal Group and ADQ, both controlled by National Security Adviser Sheikh Tahnoon Bin Zayed Al Nahyan, are pursuing deals in the crypto space, people familiar with the matter said. Representatives for Royal Group and ADQ did not respond to requests for comment.

The Dubai Multi Commodities Centre said it registered a record 665 new companies in the first quarter of 2022, buoyed by an influx of crypto and blockchain businesses.

The sector accounted for 16% of all firm registrations in the quarter, according to the DMCC. Marwan Alzarouni, the CEO of Dubai Blockchain Center, said he expects more companies to move to the country.

Crypto is also becoming more commonplace for property purchases and even settling restaurant bills, demonstrating the broader appetite for it, according to Yehia Badawy, the co-founder of crypto platform Rain, which received in-principal approval from Abu Dhabi Global Market in January.

The UAE is the Middle East’s third-largest crypto market, trailing Turkey and Lebanon, with a transaction volume of about $26 billion, according to data compiled by Chainalysis from July 2020 to June 2021.

While the region’s crypto footprint is relatively small in global terms, it grew by about 1,500% from the prior year, the data showed.

“We don’t think we are seeing a blip or a bout of euphoria in the UAE,” BitOasis CEO Doudin said. “Over the next few years, those cities and markets that embrace this emerging sector will become what centers such as New York, London and Hong Kong have been to traditional finance.”

 

Updated: 6-15-2022

Ukraine-Based Blockchain Firm Announces ‘We’re Still Hiring’ Amid Market Downturn, War

According to the CEO, Everstake had made preparations for a “special fund” to tide the firm over in the event of a bear market.

Sergey Vasylchuk, CEO of Ukraine-based decentralized staking provider Everstake, has said the company will continue to hire crypto professionals amid a market downturn and ongoing conflict in the country.

In a Wednesday Twitter thread, Vasylchuk said Everstake had hired 30 people since the Russian war against Ukraine started in February, and the firm still had more than 10 positions in marketing and development to fill. According to the CEO, Everstake is “not firing anybody” and had made preparations for a “special fund” to tide the firm over in the event of a bear market.

“An important part of doing business is assessing and addressing all potential risks,” said Vasylchuk. “We couldn’t help but expect another market crash simply because risk management dictates that one must always expect things to go south.”

1/8 I’m very sorry to hear that lots of our fellow crypto companies are forced to lay people off or at least freeze their hiring as long as bears reign supreme on the market. Despite that, @everstake_pool is not laying anyone off. And there’s a good reason for that.

— Sergey | Everstake (@sergattic) June 15, 2022

The Everstake CEO hinted that part of this preparation was due to the possibility that Russian forces would invade Ukraine.

Vasylchuk said similar precautions taken in the event of a market downturn had allowed the firm to avoid letting employees go — “though I must admit we underestimated the risks of Terra,” he added — and turn the crisis into an opportunity.

Many firms operating in the crypto space from the United States and across the world have reported downsizing as trillions of dollars have vanished from the market in the last 30 days.

Coinbase, Gemini and Crypto.com announced that between 5-20% of their workers would be cut amid the bear market, while Kraken said it would continue hiring for more than 500 roles in various departments.

Along with Kuna, Everstake is a Ukraine-based company in the crypto space that has coordinated with the local government to launch a crypto donation website aimed at military and humanitarian aid amid the conflict with Russia. Since the war began in February, the firm has helped accept more than $100 million in donations in the form of nonfungible tokens (NFTs) and major cryptocurrencies.

Binance, Kraken And Polygon Accelerate Hiring In Response To Industry-Wide Job Cuts

Coinbase, BlockFi and Crypto.com are among the crypto-related companies announcing layoffs this week.

Cryptocurrency exchanges Binance and Kraken, along with layer 2 sidechain Polygon, are among three companies looking to add staff amid crashing crypto markets.

* A Binance spokesperson told CoinDesk that it has over 2,000 open positions, with its job board showing roles across Europe, Asia, South America, Africa and the Middle East. “We will continue to grow our team as planned and see this moment in time as an opportunity to gain access to some of the industry’s best talent,” CEO Changpeng Zhao said in a comment shared with CoinDesk.

* He continued: “Our business strategy was to position Binance for sustained growth over the next decade through multiple market downturns or even a prolonged multi-year declining market. We believe that cooler markets offer the best opportunity for organizations to invest in or acquire great projects at a more favorable price point. We are going to have a very active pipeline in the months ahead.”

* Zhao also posted a cheeky tweet, suggesting his company is in a strong position today because it passed on recently spending large sums for sugar-high engagement.

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.

Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ ???? Binance (@cz_binance) June 15, 2022

* Rival exchange Kraken also disclosed its intention to increase headcount with an announcement that it will hire over 500 staff. Meanwhile, a Polygon source tells CoinDesk it has “hired at least 50 senior folks all across.” The company also publicly announced a notable hire today, recruiting former Meta and Microsoft marketer Jennifer Kattula as its senior vice president of marketing.

* On Monday, Crypto.com announced job cuts amounting to nearly 5% of its workforce, and BlockFi said it plans to lay off about 20% of its staff. Then on Tuesday, far larger Coinbase really shook things up, announcing reductions of 1,100 employees, or 18% of its global headcount.

FINRA To Hire Employees Terminated From Crypto Firms

“Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” said president and CEO Robert Cook.

The United States Financial Industry Regulatory Authority, or FINRA, reportedly plans to “bulk up” its capability to monitor crypto — a move that could include scooping up employees recently terminated from crypto companies.

According to a Tuesday Reuters report, FINRA president and CEO Robert Cook encouraged crypto workers who expect to be on the chopping block to reach out to the financial regulator as part of its efforts to increase resources related to the space.

Major crypto exchanges in the United States including Coinbase and Gemini have announced plans to cut staff amid extreme market volatility, likely resulting in the loss of thousands of jobs.

“We are already having to be engaged in the space and we think that as a result it’s appropriate for us to bulk up our capabilities there,” said Cook. “Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call.”

Roughly 3,600 people currently work at FINRA, according to its website. Many firms registered with the financial regulator can trade stocks or crypto on their clients’ behalf. Cook reportedly said FINRA was working on developing digital asset verification techniques as well as cross-market surveillance on some blockchains.

Some crypto firms based outside the U.S. including Crypto.com — headquartered in Singapore — have announced similar staff cuts during the market downturn. CEO Kris Marszalek said on June 10 that the exchange would be letting 260 employees go in an effort to “ensure continued and sustainable growth for the long term.”

However, Binance CEO Changpeng Zhao announced on Wednesday that the major crypto exchange had 2000 open positions for which it was hiring.

Updated: 6-17-2022

Employee Quits After Red Flags At First Crypto Job, Stays In Blockchain For The Tech

Roland Guirdonan came to believe that cryptocurrencies are the “future of money” despite an unpleasant experience at his first job in the industry.

Crypto startups have a significant role to play in the development of the entire blockchain industry. However, while many business owners have big ideas that aim to change the world, some fail to invest to develop the most critical aspects of a business, resulting in employees quitting.

After being hired by a crypto startup, Roland Guirdonan from Chad, Central Africa, thought he had lucky as he accepted his first job offer in the crypto world. He later realized that while it seemed like a dream job, it was more of a nightmare that he needed to run away from.

In an interview with Cointelegraph, Guirdonan noted that the company, which he refused to name, allegedly launched products that did not work and required employees to work a lot of overtime while managers played favorites on who got rewarded for their efforts. He explained that:

“The products of the company are like not really working as the company is not putting too much effort in it. […] But still, we were trying to work on it and try to like bring it to success, but it’s not working.”

He also added that while the products don’t “function properly,” employees of the firm were required to do overtime, working on the projects that he claims were already “dead.” To make things worse, he further alleged that managers were cherry-picking people to reward while others worked more.

“I love like to be in the crypto industry and everything, but I had to quit because it became like really like a bit too much for me. It wasn’t healthy.”

Despite the negative experience, Guirdonan became a blockchain and crypto believer after learning about other projects in the industry. “I chose to stay in the crypto industry because I believe in the technology and also I believe in the projects like Bitcoin (BTC) and Ethereum (ETH),” he said.

Guirdonan believes that crypto is truly the “future of money” even though the markets are currently down. He explained that this newfound belief made him want to nmiss out on anything within the industry. He said that:

“Even though everything happened, I didn’t let that stop me from exploring more of the industry and then discovering more about the blockchain.”

He also encouraged anyone who is interested in joining the blockchain industry. Guirdonan believes that “there is really an opportunity for anyone who wants to join this space.”

 

Updated: 6-27-2022

The Crypto Jobs Boom

It may be a bear market, but there are still plenty of jobs to be had at crypto companies.

Cryptocurrency prices are crashing. The markets are bleeding. Firms are laying off workers. Crypto exchange Coinbase even rescinded accepted job offers, blindsiding would-be employees. But the crypto job market is … still going strong?

Kind of.

Even three weeks ago, before the price of bitcoin tumbled below $30,000, Michael Shlayen, founder of BlockchainHeadhunter, said that “overall, there is a slowdown.” He found that “some companies are putting a freeze on hiring.”

Then bitcoin crashed below $20,000. On June 23, Shlayen updated his assessment, saying that “hiring slowed down even further and the job market has continued to cool off.”

But that doesn’t mean it’s all doom and gloom. Even after the price crash, Shlayen said that “there are still some companies with healthy treasuries and lengthy runways who are continuing to hire ambitiously.”

Other crypto recruiters and headhunters are seeing the same thing – or are even more optimistic. Three weeks ago, Daniel Adler, founder of Cryptocurrency Jobs, acknowledged that he was seeing a bit of a slowdown, but even after bitcoin plunged below $18,000, he updated his take to say that not much has changed, noting that “if anything, it seems things are stabilizing.”

“Teams have had time to adjust to market conditions and the macro environment, and so are able to make more informed decisions,” he said June 21.

He predicted that the Cryptocurrency Jobs will have more listings at the end of the month than it did at the beginning.

Emily Landon, another crypto recruiter, said she found that “a lot of our projects have put things on hold until they can see what’s going on in the bear market.” But even after the slump in prices, Landon said that “we are getting great new business,” meaning new clients and new job openings.

Adler said that while he’s seeing a slowdown, that could also be the result of macro forces outside the blockchain industry.

“Crypto is not immune from what’s happening in the world,” Adler said, citing the war in Ukraine, rising inflation and concerns about a global recession. “That’s affecting crypto as well.” He said that some companies have instituted hiring freezes. Plenty are “still building, and it’s business as usual.”

What counts as “business as usual?” To put the recent cooldown in perspective, it helps to look more broadly at the last 18 months of the crypto job market.

The Call Of The Wild

“The last year and a half has been completely crazy,” said Shlayen, who said he placed more candidates in the past 18 months than in the prior four years combined. For much of that time, he witnessed “a shift of professionals moving into the crypto space.”

Just a few of the high-profile jumps from the “old world” into crypto: Sherice Torres, the former chief marketing officer of Meta Platforms, Facebook’s parent company, is now the CMO of payments company Circle.

Brian Roberts hopped from Lyft, where he was the chief financial officer, to NFT (non-fungible token) marketplace OpenSea, where he holds the same position.

Andreessen Horowitz, a venture capital fund heavily investing in crypto, scooped up a glittering roster of all-star talent, including Bill Hinman (former director at the U.S. Securities and Exchange Commission), Brent McIntosh (former Under Secretary of the Treasury for International Affairs) and Tomicah Tillemann (a policy wonk who used to be an adviser to President Biden) – not exactly crypto bros.

While it’s tough to quantify the precise size of the shift, a study from LinkedIn found that “crypto-related job postings skyrocketed last year” and “grew 395% in the U.S. from 2020 to 2021, outpacing the wider tech industry, which saw a 98% increase.”

Lawyers became crypto lawyers. Marketers became crypto marketers. And, um, writers have become crypto writers.

“It’s hiring across all roles, and it’s not just engineering.” Adler said, adding that it was the “strongest market I’ve ever seen.” He said that because so many crypto companies are well-funded and looking to expand, they had roles for “marketing, operations, legal, finance, treasury, content – you name it.”

So why are droves of workers making the jump to crypto? The first reason is obvious. Jenna Pilgrim, principal at Mayflower Strategic, another crypto headhunting firm, said that starting salaries are “pretty comparable” to jobs at Silicon Valley and “much higher” than jobs in financial services, with executives getting paid in the range of $250,000 to $400,000.

And that’s just the base salary. Crypto jobs often come with a trove of tokens, said Shlayen, and those can be lucrative. “If the project succeeds, [total compensation] can be much higher than the actual salary. I’ve seen some crazy packages.”

For example, Shlayen said that some of the jobs he has booked for clients – and not even at the executive level – have included $10,000 worth of tokens, and then those tokens “100Xed.” So that twentysomething engineer became a millionaire. At least, until a few weeks ago.

But Money Is Only Part Of The Lure

“When you look at the space, crypto is more optimistic and mission-driven,” Adler said. He has found that crypto job-seekers truly care about the community and the memes and the GMs and the WAGMIs.

Whether these good vibes survive the price meltdown, of course, remains an open question, although Landon said that as recently as June 22, some companies are “still growing and building.” Others are drawn to the transparency of Web3, with a wealth of data auditable by anyone on public ledgers.

By contrast, when you work at traditional Web2 companies, it can be frustrating to be kept in the dark on the actual metrics of a site’s performance.

Are we really hitting our goals? Is senior leadership telling us the truth? “But in a Web3 space,” Adler said. “You can look at a dashboard to see how many users are using the protocol.”

Then there’s the fact that crypto jobs – even if the money is the same – just strike many as more interesting than traditional roles.

“You can’t disregard the intellectual curiosity,” Adler said. Many of the job seekers, he said, are genuinely drawn to the sector’s wide-ranging mix of economics, psychology, law, geopolitics, philosophy and the overall question of “how do you build systems that actually work?”

In other words, they are drawn to the same things that get people to read (or write) about crypto.

All Ages And Walks Of Life Are Seeking Crypto Jobs

For the bulk of this hiring frenzy, it has not just been the twentysomething crypto bros who are riveted by these questions.

“It’s a mix of all ages,” Landon said. At the job market’s peak, she was gaining 1,000 new LinkedIn followers each week and 50 new connection requests per day. A 72-year-old woman reached out to Landon for a crypto admin position, telling her that, “My son says it’s the future, and I believe him.”

At the other end of the spectrum, Landon works with 16-year-olds still in high school, and said that “they’re accepting job offers instead of going to college.”

And in many cases, no crypto experience is required. “A growing number of professionals are coming from other industries and looking to get into the Web3 world,” Shlayen said.

Adler’s inbox is often packed with direct messages from candidates with traditional jobs who are “crypto curious” and now want to work on it full time.

He said this ranges from the chief of staff at a large bank to medical practitioners to blue-collar construction workers, and that is a point “I want to hammer home – it’s everyone,” he said.

As for the recent crash in prices, and the looming fears of a crypto winter? Adler has been connecting crypto candidates with crypto companies since 2017, and he said that even now – after the Celsius Network meltdown, with the drop in prices – it doesn’t feel like the crypto winter of 2018 and 2019.

Adler said that from what he sees from a qualitative perspective, “Teams are building, talent still wants to make the transition into crypto, and there’s plenty of funding,” he said.

Maybe the industry has matured. Maybe there’s just more funding. Maybe company and project treasuries have wisely diversified their assets into fiat, cushioning the crash and giving them more runway.

Maybe. Or maybe we’ll all soon be flipping burgers at McDonald’s.

 

Updated: 6-28-2022

OKX To Increase Staff By 30% Despite Market Downturn

The crypto exchange wants to have 5,000 employees.

At a time when many crypto exchanges are announcing hiring freezes and layoffs, crypto exchange OKX plans to increase its headcount by 30%, according to Lennix Lai, the platform’s director of financial markets.

The Seychelles-based company believes a staff of 5,000 would be the right number, Lai said Monday on CoinDesk’s TV “First Mover” program.

The cryptocurrency platform now is “mostly focused on increasing our headcount on product and tech,” he said. “We are gradually becoming a lot more internationalized.”

Plans to grow for the exchange come amid a crypto winter that has wreaked havoc on the cryptocurrency and equity markets, prompting exchanges, such as Coinbase, Crypto.com, BlockFi, Gemini and Rain Financial, to cut jobs.

Nonetheless, some exchanges are moving in the opposite direction. Fidelity Digital Assets, for example, plans to double its staff.

Lai said that OKX is hiring because of “a lot of bottleneck” requiring the platform to expand.

As for remote work, he said the company offers employees “a lot of flexibility and freedom to pick where they work,” although OKX likes the idea of employees working from the office.

“We still encourage our employees to actually come to the office, have a meeting or have tea and have a real-time discussion with the team,” Lai said.

Updated: 6-30-2022

How To Start A Career In Crypto? A Beginner’s Guide For 2022

Getting started in a cryptocurrency career may appear complicated at first, but it gets easier as one sets out a clear path to follow.

The cryptocurrency industry is arguably one of the fastest-growing industries in the world. With its decentralized finance (DeFi) system and blockchain technology, crypto has become an attractive career path for those interested in technology and finance.

As expected of any fast-growing sector, growth has also led to a corresponding increase in demand for talented individuals to build the space.

According to a KoreanAITimes report, cryptocurrency and blockchain jobs grew by a whopping 118% between September 2020 and July 2021.

Even in the correct market downturn, where some firms have paused hiring or cut staff from their rosters, others are actively searching for and onboarding staff.

There are tons of career paths to choose from in the cryptocurrency industry. So whether you are simply looking to become a content creator in cryptocurrency, a trade analyst, or even a blockchain engineer, you are in the right place.

5 Steps To Kick Off A Cryptocurrency Career

A cryptocurrency career can’t start from nothing. If you’re looking for a job in the blockchain and cryptocurrency industry, you’ll need to familiarize yourself with the space and take the necessary steps to prepare yourself for your search and ensure that your CV stands out.

1. Get Acquainted With Cryptocurrencies

By familiarizing yourself with the various digital currencies that exist in this new field, a person searching for a crypto career already sets themself up nicely for the journey ahead.

Some of the most popular cryptocurrencies include Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and Tether (USDT). And, if you want to work with them professionally, you must know a thing or two about their structures and how they came about.

2. Learn About Cryptography

Cryptography refers to ways of passing information using codes. This is the very basis upon which cryptocurrency was founded. The essence of cryptography is that whenever a piece of information is coded in some way, only the party for whom the information was originally intended can read and process it.

That is why cryptocurrency uses cryptography to keep them more secure. So, before you take that career dive into the world of cryptocurrency, you might want to take a course in cryptography.

3. Take An Honest Look At Your Skills

This is a very vital step that helps to decide which aspect of the crypto industry you could fit into. It is important to note that a lot of the cryptocurrency jobs are STEM jobs, which are jobs relating to science, technology, engineering and math.

This would include jobs in programming, software development, computer engineering and electrical engineering.

However, this does not mean that there are no career opportunities for those without STEM skills. While those who already have a background in writing may pursue crypto content writer roles, others may explore openings in marketing, business management and communications.

Andrew Vranjes, Vice-President Of Sales And General Manager, Asia-Pacific At BlockDaemon Told Cointelegraph:

“When I am hiring, I’m not fixated on the applicants’ educational background but more of the practical and transferable skills which they’ve established over the years and if they will be a great culture fit.”

“Fundamentals and people who have functional skills are becoming more important — We are always looking for individuals who are passionate and looking to grow with the blockchain space,” he added

4. Networking

Don’t underestimate networking. Networking and connecting with industry experts can be instrumental in progressing in the industry. You want to see and know professionals who have walked the path you are about to embark on.

You also want to learn from top professionals in the role that you’ve chosen. So, if you take networking seriously, it can help your career grow.

There are some professional networking sites like LinkedIn and other forums, but there is also the traditional method of meeting people at conferences and establishing a professional relationship with them.

5. Update Your CV

The last step on the list is to take a deeper look at your CV and make necessary adjustments (additions or subtractions). Then you can start searching for a job in cryptocurrency.

Jobs In Cryptocurrency

Now that you are ready to take on the challenges of the cryptocurrency industry, below is a list of the types of jobs in the industry that you can build your career around. They are subdivided into two groups: technical and non-technical cryptocurrency jobs.

Technical Crypto Jobs

The technical crypto jobs are those that usually require a more advanced level of expertise. To get jobs in this category, you must have undergone training in coding, programming, machine learning, artificial intelligence or blockchain technology in general.

Some of the jobs in the technical category include blockchain developer, blockchain engineer, solidity developer, UI/UX designer, data analyst, security architect, blockchain consultant, quality engineer, software engineer and many more.

Non-Technical Crypto Jobs

There are also cryptocurrency jobs that do not require a high level of expertise or technological know-how. These roles can by filled by people with marketing, entrepreneurial, communication, creativity and problem-solving skills.

When Asked If Someone Who Is Not Trained In Crypto Can Apply For A Job In The Field, Melissa Quinn, Chief Operations Officer At Risk Labs, Told Cointelegraph:

“Don’t shy away from applying for non-technical positions like comms, design or content production. While having experience or background in the industry is helpful, it’s not essential. Skills are transferable and the crypto side of the business can be learned.”

Quinn believes that without having professional experience in this space your actions can speak volumes about your skills, your ability to learn, adapt and self-start.

Projects, writing, decentralized autonomous organization (DAO) contributions and hackathon contributions all showcase your skills in a meaningful way.

Some job positions in this category include content writer, marketing manager, accountant, events manager, financial analyst, project manager and many more.

Crypto Remains Largely Understaffed

Cryptocurrency is here to stay, and with the crypto market projected to grow in value by more than 100% between now and 2028, the demand for crypto-based jobs will always remain high.

However, the number of experts in the field continues to be extremely low considering how big the industry is. If you are passionate about the field or you’ve just been recently attracted to cryptocurrency and blockchain technology, you’re one step closer to landing a job and kick-starting your career.

However, the type of job you’ll get will have a lot to do with your qualifications and the kind of skills you possess.

“Be genuine, and avoid mimicking what you think a hiring team wants to hear because the alignment is beneficial to both you and the company in the long run. Be ready to discuss how you plan to succeed in a remote, international setting. What strategies and skills have you used in the past to help with working across timezones?

Once you then land an initial interview, you shouldn’t be asking about the project. Instead, showcase your knowledge of the project by asking intelligent questions. Share how you can add value. This goes beyond just what the job posting says, but also some of the other publicly available materials,” Quinn added.

Updated: 7-1-2022

June roundup: Who’s Hiring And Who’s Firing In The Crypto Space

Binance, Ripple and Kraken are hiring, while Coinbase, Gemini, and Crypto.com have announced staff cuts.

Amid the recent volatility in the crypto market affecting investments and stock prices, many firms made significant staff cuts in the last month while others continued hiring.

In June, major crypto exchange Gemini was among the first to reportedly cut 10% of its employees amid the bear market, saying conditions were “likely to persist for some time.”

Coinbase and Crypto.com followed, announcing plans to reduce staff by 18% and 5%, respectively. Coinbase CEO Brian Armstrong cited the so-called crypto winter as part of the reason for the cuts, but also stated the firm had been growing “too quickly.”

Market conditions largely have not changed following many decisions to downsize, and other firms have been forced to make cuts. Crypto lending firm BlockFi announced it would be reducing staff by roughly 20% on June 13, and Cointelegraph reported on Thursday that FTX was in the process of finalizing a deal to purchase the platform’s remaining assets for $25 million.

BlockFi CEO Zac Prince denied reports of the sale.

Austrian crypto and stock trading platform Bitpanda announced on June 24 a mass layoff as it aims to “get out of it financially healthy” amid the current bear market, bringing the company to a “​​size of about 730 people.” At the time of publication, the crypto firm has no current job openings on its website.

However, many companies in the crypto space are continuing to operate as normal, seemingly prepared to weather the storm — at least one is even picking up the slack.

Cointelegraph reported that the U.S. Financial Industry Regulatory Authority was open to hiring terminated employees from crypto firms in an effort to “bulk up” its capabilities.

Globally, Binance and Ripple offered thousands of jobs to replace the ones that were recently dissolved from major crypto exchanges and firms.

Kraken also stood out as one of the major cryptocurrency exchanges announcing plans to continue hiring for more than 500 roles in various departments amid the market downturn.

Sergey Vasylchuk, CEO of Ukraine-based decentralized staking provider Everstake, announced on June 15 that the firm was “not firing anybody.”

According to data gathered by blockchain jobs site Crypto Jobs List, companies have listed more than 3,000 jobs related to the crypto space in the United States in the last seven days — roughly 37% of all jobs posted in the last 30 days.

The United Kingdom and India similarly saw a large number of crypto jobs advertised in the last seven days — 562 and 183, respectively — suggesting the industry still has room for staff.

“Kraken and Binance have shown that they plan to stay around for a long time by looking to grow their headcount during a bear market,” a spokesperson for Crypto Jobs List told Cointelegraph. “The market downturn has meant that individuals who don’t plan to stick around for long are deterred, and only serious candidates that are interested in a long-term career are left to apply, and hiring managers recognise this.”

At the time of publication, the price of Bitcoin (BTC) is under $20,000, having fallen more than 37% in the last 30 days according to data from Cointelegraph Markets Pro.

So You Want To Be A Bitcoin Developer?

Brink co-founder Mike Schmidt and Bitcoin Core developer Larry Ruane discuss the ins and outs of funding Bitcoin research and development. This post is part of CoinDesk’s Future of Work Week.

Bill Gates was still in high school when Richard Stallman was busy hacking computers at the Massachusetts Institute of Technology’s Artificial Intelligence Lab in 1971. Stallman went on to launch the free software movement, and Gates gladly assumed the role of corporate software antihero.

I was watching “Revolution OS,” a history of open-source computing, the other day and couldn’t help but chuckle when the narrator read Gates’ scathing “Open Letter to Hobbyists.”

Microsoft had released software for the very early Altair 8800 and was accusing PC hobbyists of illegally copying and distributing that software. Gates wrote:

“Hardware must be paid for, but software is something to share. Who cares if the people who work on it get paid? Is this fair?”

Stallman was on a different trajectory. In 1984, he quit his job at MIT to focus on building a free and open operating system. The goal was to create an alternative to proprietary systems like Unix. His project was aptly named GNU, a recursive acronym for “Gnu’s not Unix.”

Stallman was all too familiar with Gates’ assertion that developers couldn’t make money from free and open software. In 1985, he released his famous GNU Manifesto and countered Gates’ argument head-on. Under the section “Programmers need to make a living somehow,” Stallman wrote:

“People with new ideas could distribute programs as freeware, asking for donations from satisfied users.”

How To Become A Bitcoin Developer – Pay It Forward

Mike Schmidt, co-founder and executive director of Brink, an organization that funds Bitcoin development, explains that Bitcoin developers don’t just crank out code.

They test, review and contribute in many other ways. In fact, a deep passion for contributing is pivotal if you want to join the Bitcoin family.

Schmidt compares the process of becoming a Bitcoin developer to a funnel. At the top, you have acclimatization. This is where one becomes intimately familiar with key areas current developers are working on.

A great starting point is subscribing to the weekly Bitcoin Optech newsletter, which aggregates information from developer mailings lists, pull requests and key discussions.

Next, you have education. Schmidt recommends Bitcoin coding boot camps like Jimmy Song’s Programming Blockchain seminars, or Lisa Neigut’s Base58 course. There’s also something called the PR Review Club where budding developers can sharpen their pull request reviewing skills.

The bottom of the funnel is where developers become comfortable with the inner workings of the Bitcoin Core codebase. To be clear, there’s no magical line separating each stage, and this funnel concept is only an analogy.

In fact, some developers like Larry Ruane entered the funnel at an intermediate stage. Ruane is a Bitcoin Core developer on a full-time Brink grant. He graduated with a master of science degree in electrical engineering from the University of Illinois.

“When I first heard of Bitcoin in 2013, I was mostly fascinated by the trustless consensus mechanism. I didn’t think such a thing was possible, especially so simply,” Ruane said.

Ruane had already worked on consensus protocols like Paxos, but something about Bitcoin’s proof-of-work consensus was alluring to him. In fact, he went on a brief foray into hobbyist bitcoin mining before getting hired to work on Zcash.

“I got a job at the Electric Coin Company, creators of Zcash, which is a code fork of Bitcoin Core. I happened to find a minor bug in Zcash and discovered it also existed ‘upstream.”

So I opened my first Bitcoin Core pull request to fix the bug. It merged quickly, so I assumed it was pretty easy to get changes into Bitcoin Core. (This belief was naive.),” Ruane said.

That pull request triggered a flywheel effect. Ruane gradually increased his contributions until Brink awarded him a small grant to work on Bitcoin Core one 10-hour day a week.

“I proposed to help with pull request review because that’s a critical need right now. It also helps to show your enthusiasm and dedication. You’re much more likely to succeed if you’ve already put in the effort and built a reputation,” he said.

After proving himself and paying it forward, he was awarded a full-time grant. I got the sense that Brink’s grant application process is both challenging and competitive, so I asked Ruane what made his grant application stand out.

“I was lucky to have help from more experienced developers. I revised my application many times. I think it helps to be as specific as possible and to emphasize how your work will advance Bitcoin,” he said.

Funding Bitcoin Development

Brink’s fellowship and grant programs are 100% donor funded. Donors range from large crypto exchanges like Coinbase to smaller startups like BtcTurk. Brink isn’t the only player in the Bitcoin funding network, and Schmidt was quick to point out how diverse that network is.

“There’s Chaincode [Labs] that employs a bunch of Bitcoin developers. They’re in New York, and they have a nice office up there. There’s Blockstream that has a bunch of folks specializing in crypto. So ‘crypto’ meaning cryptography.

They fund a lot of the cryptographers and mathematicians doing research and development in the space.”

Those funding efforts are global in scale. Schmidt gave the example of Qala, a Bitcoin funding program supporting the next wave of Bitcoin and Lightning developers in Africa. Qala is funded by some of the same organizations that donate to Brink.

In fact, prior to the current bear market, many companies in the sector were increasing their funding activities.

“A lot of exchanges are trying to spin up or have spun up their own developer funding divisions, the first of which is BitMEX. They’ve funded different developers over the years, and they do all of that in-house. There’s someone there whose job is to vet applications and go through them to make sure the right people are getting funded,” Schmidt said.

Back in 2020, Coinbase started its Crypto Community Fund with the initial goal of funding Bitcoin Core development. Gemini recently announced Superlunar, which provides grants and sponsorships to contributors in the market.

The Human Rights Foundation (HRF) has donated over $750,000 to more than 20 Bitcoin-related projects via its Bitcoin Development Fund. HRF’s vision is to promote the use of Bitcoin as a financial tool for human rights activists.

“It’s a much richer landscape than it has been in years past, which is good, but there’s still a lot to do,” Schmidt said.

Career Advice From A Bitcoin Core Developer

Stallman famously said: “Free software is a matter of freedom, not price.” That’s my favorite Stallman quote. I bring up that quote because I sensed a similar ethos when I asked Ruane for his advice to aspiring developers.

“The most important piece of advice I have is to first look inward,” he said.

 

Updated: 7-2-2022

Hiring Top Crypto Talent Can Be Difficult, But It Doesn’t Have To Be

How to identify top crypto talent in the recruitment process: Hire a diverse range of people who have the required attributes without lowering your standards.

Building a career or constructing a team in decentralized finance (DeFi) and crypto relies on finding talent, skills and the right attitude anywhere, in anyone.

While this is no different than other industries, what makes ours unique are the much-needed, specialized skill sets combined with finding a good culture fit in an international and remote setting.

Despite recent turbulence in markets, crypto companies continue building and growing. The increased energy and legitimacy in the industry over the years has many people wanting to make the switch from Web2 to Web3.

This requires recruiters to sift through hundreds of applicants every month, but how do you find the right people who are enthusiastic about the ethos of the industry and excited to build impactful technology? Here are a few recruiting strategies that can help and a couple of things to avoid.

Hire For Attitude

No matter the industry, the right attitude can go a long way. Work in crypto and DeFi is often international, remote, fast-moving and non-traditional. Its nature is decentralized, so work environments tend to be the same.

We lean into hiring people who are kind, team-oriented, self-directed, energetic, innovative and deal with mistakes and challenges in the right way. But how do you identify those habits and the right attitude in someone during the hiring process?

There are a few ways to do this. Ask them what they value. What do they find important in terms of culture, teamwork and others’ attitudes?

To drive at these responses, it can help to ask the candidate the same question in a few different ways and then measure for sincerity. If they keep coming back to topics or statements that feel genuine, then they probably are.

If they haven’t thought of what values and cultural elements they look for in their next team, that could be a red flag.

It is also helpful to dig into how candidates plan to succeed in a remote and international setting. (Our team has people in nearly a dozen different countries around the world.) How have they managed with diverse time zones?

What is their attitude around being flexible for other teammates’ work/life boundaries? We’ve learned that successful remote work requires people with attitudes that embrace flexibility and understand how to self-direct with asynchronous communication.

Maintain A Deeply Thorough Interview Process

We’ve been told many times that our interview process is one of the most deliberate and in-depth recruiting processes candidates have experienced.

It’s common for a candidate to speak to up to four current members of the team during the interview process. It’s not meant to be grueling; it’s meant to be explorative, transparent and helpful — to both sides.

This process is by design. Several conversations, practice scenarios, exercises and touchpoints that involve several current team members create more opportunities to get to know each other. The more you talk, the more you can identify strengths, weaknesses, motivations and attitudes.

Formal education hasn’t yet caught up to crypto, so it’s challenging to assess educational and professional experience the same way you can in some traditional industries. This process needs to give people equal opportunity to showcase their skillsets, culture fit and talents.

Our experience building a remote, global team has proven that hiring requires transparency and respect. The process is a two-way street. You’re choosing each other. If the candidate ends up choosing another role because your process is too involved or lengthy, then so be it.

It’s important to maintain these intentional, strategic and thorough processes consistently. Hiring the wrong person carries a larger cost than hiring the right person, slowly.

Don’t Hire Out Of Desperation

While the industry feels like it’s in constant flux and growth can happen suddenly and quickly, resist the urge to hire for the sake of growth alone. It’s tempting to lower your hiring bar when talent is hard to find, but success emerges when you keep expectations high.

As mentioned above, a thorough process of interviewing and recruiting will pay off down the road by securing the right people for the right reasons. Having a position vacant is better than having the wrong person in the position for a brief time.

Pursue Diversity (In All Its Forms)

Crypto and DeFi are improving from a diversity perspective, but it still has a long way to go, particularly in science-, technology-, engineering- and mathematics-based roles.

Any visit to a crypto or DeFi event or conference shows that participation is heavily weighted toward white men. This is holding back our organizations, communities and industry.

Teams that are more diverse are stronger. Teams with more women, more people of color, more people of various geographic or national backgrounds and sexual or gender orientations will achieve more innovation, understanding, productivity and longevity. A diverse team will cultivate a diverse ecosystem of ideas and achievements.

This requires developing strong cultures and policies that are inclusive, supportive, professional and open-minded and practice zero tolerance for prejudice or discrimination in both organizational and community behavior.

The benefit of having a remote-first company is that you can hire anyone, anywhere. So, take advantage of that but be sensitive to how your team and industry may be felt and experienced by others with their own unique experiences.

To achieve this, start with policies and philosophies that are inviting and inclusive. Then you need to think outside the box to find diverse candidate pools.

For example, look for women-led decentralized autonomous organizations, hackathons or Twitter communities, and be a champion where you can for underrepresented groups in the industry.

If you can’t find them, help to build them.

Don’t Shy Away From People Who Are Unfamiliar With Crypto

Crypto and DeFi are obviously highly complicated industries that require specialized skill sets. But that doesn’t mean organizations should restrict themselves to recruits who are already familiar with crypto or active in it.

There are plenty of highly skilled Web2 people involving themselves in crypto as their hobby. Search for meaningful contributors, self-starters and those willing to learn. That’s what this industry is all about.

With the right attitude and ethos, blockchain and crypto knowledge can be learned. Seek to embrace things such as paired programming, internal learning sessions and frequent performance reviews to continually develop talent.

While early weeks and months can and will feel overwhelming to non-crypto recruits, people with the right attitude and objectives will learn, especially if they are being mentored and guided by a welcoming, understanding and strategic team.

Patience Is A Virtue. (Engaging With Non-Crypto Folks Will Also Nurture Diversity.)

The industry has grown so fast over the last five years that the talent pool criteria will have to expand, or else we will run out of options, especially in the bear market that we now find ourselves in.

 

Updated: 7-7-2022

Bit2Me to Double Headcount, Make Three Acquisitions

The CEO of the Spanish crypto exchange said now is the time to build.

Spanish crypto exchange Bit2Me plans to add 250 employees during the next 12 months, doubling its headcount, co-founder and CEO Leif Ferreira told CoinDesk.

The company has also signed memorandums of understanding for three acquisitions, including purchasing a 90% stake in a Latin American exchange and buying a fintech company and a software developer, both based in Spain, Ferreira added. More details will be available later this year, he said.

“In a context of many layoffs, now is the time to hold and build,” Ferreira said. “Crypto is not going to stop, no matter how much prices have fallen.”

Funding for the hiring and acquisitions will come from cash on hand, including part of the 20 million euros ($20.3 million) raised through an initial coin offering in 2021, Ferreira said, though he didn’t rule out adding capital via a strategic partner.

“It is not something we need or want to close immediately,” he said. “We are open to a strategic partner coming in. It is not an obsession for us.”

In February, Bit2Me received the first license granted by the Bank of Spain as a “provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets,” the company said at that time.

In addition to Spain, Bit 2Me operates in Portugal, Italy, France, Brazil and Peru. The company has 600,000 users, 70% of whom are in Spain. Trading volume in 2021 totaled 1.1 billion euros ($1.12 billion).

The company also plans to introduce a Mastercard debit card, a futures trading platform, a lending service and a feature to allow online shops receive payments via cryptocurrencies, all this year.

Updated: 7-7-2022

Satoshi Milkshake Experiment Shows Kids Can HODL Bitcoin Too

The famous Stanford Marshmallow Experiment takes the orange pill during a study of 25 school kids on the Isle of Man.

A Bitcoin experiment on the Isle of Man involving the Lightning Network, 25 schoolchildren and the promise of a milkshake has yielded interesting results.

At Willaston School on the Isle of Man (a British Crown Dependency nestled between the United Kingdom and Ireland), 25 6-year-old students, one teacher and one teaching assistant participated in the light-hearted Bitcoin study.

MSW, a data analyst at CoinCorner, told Cointelegraph that he visited the school to discuss job opportunities and to inspire the kids, discussing his own career path, which spans nuclear reactor study, data analytics and now, Bitcoin. Inevitably, the talk delved into the Lightning Network and CoinCorner’s new creation, the Lightning-enabled Bolt Card.

“I talked a bit about Bitcoin, went through the Freddo index — how the price of a Freddo is exploding — then showed them the pound money supply over time and then asked them what they knew about Bitcoin.”

A familiar character in most Brits’ childhoods, the Freddo is a humble chocolate bar shaped like a frog. When introduced to greengrocers’ shelves at the turn of the millennium, a Freddo cost just 10p ($0.13). In 2022, Freddo costs a whopping 27p ($0.32), as shown by the following index:

Despite their young ages of 10 or 11, the kids knew of Bitcoin and some of its properties. One bright spark came up with the 21 million hard cap and overall, the classroom’s sentiment toward Bitcoin was positive.

At one point, MSW was even asked if buying nonfungible tokens (NFTs) is a good idea. He set them right before gifting each pupil a Bolt Card loaded with £5 credit (21,554 Satoshis or $6).

The Bolt Card is a first-of-its-kind Lightning Network-enabled card that allows near-instant payments at merchants accepting BTC. The Lightning Lunch story demonstrates how it works in detail.

Lightning payments powered by @CoinCorner at @TheBTCAdventure ⚡️ ‘Happy with that!’ #Bitcoin #BoltCard #FixTheMoneyFixTheWorld pic.twitter.com/BL8eaZ5TTg

— Coach Carbon (@JosiasCarbon) July 3, 2022

MSW included an important caveat as he gifted the Bolt Card to the kids. “I sort of posed it as do you want to hodl or do you want to spend?” Having highlighted the deflationary, number go-up technology that enshrouds Bitcoin, MSM also showed the class that they could spend their Satoshis as money.

Gourmet Shakes, a Bitcoin-friendly milkshake shack was a mouthwatering proposition.

MSW knew full well that the Bitcoin trial was reminiscent of the Stanford Marshmallow Experiment, a pop psychology trial from 1972.

In short, the experiment attempted to understand delayed gratification in kids by offering the choice between an immediate reward or a greater prize if the children waited a period of time.

The reward was either a marshmallow (hence the trial’s name) or a pretzel.

The “Isle of Man Satoshi Milkshake Experiment”—which maybe doesn’t quite have the same ring to it—yielded intriguing results. Of the 27 participants, just five people have spent their Satoshis, meaning 22 are Bitcoin HODLers.

In addition, as the experiment took place on May 29, the £5 ($5.97) of Bitcoin is now worth around £3.70 ($4.42)at the time of writing. If they want to spend their Bitcoin on a £3 milkshake, they need to act now!

MSW jokes that, unfortunately, the kids are too young to have a CoinCorner account. But the experiment is worthwhile in terms of promoting Bitcoin adoption and demonstrating that spending Bitcoin is easy.

Plus, it ties into a growing subcategory of Bitcoin culture, from Bitcoin children’s books to educational tools for kids to understand sound money.

The Isle of Man is fast becoming a leading European Bitcoin destination. Around 40 businesses now accept Bitcoin on the island of 85,000 people, Molly Spiers CoinCorner’s head of marketing and communications told Cointelegraph:

“We’re on a mission to make it [Isle of Man] a Bitcoin Island–have people come over and live on a Bitcoin Standard. Hotels and accommodation are ones we’re missing at the moment though.”

As for the milkshake experiment, MSM suggested that it’d be worthwhile to take a trip to see the schoolchildren before the end of this year to see how they’re HODLing, and to demonstrate how to sweep the Bitcoin from the card if they so wish.

Updated: 7-11-2022

KuCoin Denies Layoff Rumors, Says It’s Hiring 300

The crypto exchange plans to add employees in tech, compliance and marketing.

Cryptocurrency exchange KuCoin pushed back against rumors of massive layoffs, saying it actually intends to hire more than 300 employees over the coming months, CEO Johnny Lyu told CoinDesk via Telegram on Monday.

“KuCoin has not reduced staff and does not plan to do so,” Lyu said. “We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products and maintaining a healthy atmosphere in our team.”

Lyu added the company was doing everything it could to “increase the productivity and motivation of employees,” while also focusing on expanding in innovation and compliance.

The total number of KuCoin’s employees recently topped 1,000, and current plans imply hiring 300 more, Lyu said. That includes positions in its technology, compliance and marketing teams.

“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar,” Lyu added. “Any conversations asserting the opposite should be considered untenable.”

The market downturn has prompted many crypto companies and exchanges to lay off staff. To name three exchanges, Coinbase let about 1,100 workers go in June, Banxa laid off 70 employees, and Huobi is planning to lay off as much as 30% of its staff.

 

Crypto Startup Salaries: Here’s How Much Devs And Others Get Paid

A new Framework Ventures compensation survey of 18 companies it backed sheds light on crypto salaries and token allocations.

Is It Worth Quitting Your Job To Work In Crypto?

A new study from crypto venture capital firm Framework helps answer that question by giving a glimpse into startup salaries, offering concrete info for anyone seeking to join the crypto gold rush.

The venture capital firm surveyed 18 companies in which it is invested to get a sense of pay. Highlights include salaries well into the six-figure range for both technical and non-technical roles, including one high-flying engineer raking in $300,000 in base pay.

Founders can also expect to receive a mid-single-digit percent allocation of tokens and, in rare instances, up to 10% of the total supply.

“There’s currently no Glassdoor or Levels equivalent for Web3,” said Daniel Mason, operating partner at Framework Ventures and leader of the survey effort. He explained that releasing this data benefits “both founders and job seekers by improving transparency in the ecosystem.”

Conducted in May, the anonymized survey spanned early-stage companies varying in size from two to 80 employees.

Companies in Framework’s portfolio are largely focused on Ethereum-based decentralized finance (DeFi) projects, infrastructure and Web3 gaming, including lending protocol Aave, play-to-earn game Illuvium and stablecoin project Fei.

The data reveals both base salaries and allocations of equity and/or crypto tokens for four key groups: founders, executives (non-founder c-suite hires), engineers and non-engineer operators (sales, marketing, recruiting, etc.).

“Base salaries between Web2 and Web3 roles are comparable, but it’s the token upside that’s the kicker,” said Dan Eskow, founder of crypto recruiting firm Up Top. “Even a small token allocation can become very valuable if the project becomes the next billion-dollar protocol.”

For those looking to ride the next crypto rocket ship, Framework’s Mason thinks there’s no better time than in a bear market – which continues in crypto.

“Nothing is certain when it comes to compensation packages, but I think it’s generally preferable to lock in terms when a project or company is priced at a lower valuation,” said Mason. “While FAANG stocks are down 30%-35% year to date, crypto is down much more, and so I think it follows that it’s possible that those joining the right project now could one day see more upside than those who joined at the top of the last bull market.”

Founder Compensation

Early-Stage Companies: $100K-$175K Annually, With $130K-$160K Representing The Top Of The Bell Curve

Later-Stage Companies: $175K-$225K

Non-Token Equity: Approximately 80% Owned By Founders In Early Stages, Diluted To 20%-50% In Later Rounds

Token Equity: Founding teams own 8%-12% of max token supply, with individual founders owning between 2.5%-7.5%, with 4%-6% being most common. The highest ownership percentage surveyed (10%) was from a solo founder at an early-stage startup.

* For early-stage companies, founders tend to pay themselves the minimum amount to maintain a comfortable but basic quality of life.

* Salaries ran higher for U.S.-based founders and slightly lower for international founders, depending especially on location and cost of living.

* For decentralized networks (DAO), token ownership (versus equity) is the standard way of incentivizing employees

Non-Founder Executive Compensation

Early-Stage Companies: $120K-$160K

Later-Stage Companies: $225K+

Non-Token Equity: 1%-4% Of Company Equity At Early-Stage Companies; 1%-2% Of Company Equity At Later-Stage Companies

Token Equity: 0.5%-1% Of Max Token Supply At Daos And Protocols With A Token At Later-Stage Companies

* C-level engineering and business development hires were often the highest paid non-founder executives.
* Many executive sales roles have high variable-based compensation in the form of performance-based bonuses.
* Floor pay was higher for U.S.-based executives.

Engineer Compensation

U.S.-Based Engineers: Typically $125K-$160K, With A Median Of $150K

Global Engineers: Typically $100K-150K, With A Median Of $125K

Token Equity: 0.1%-0.4% Of Max Token Supply

* Highest-paid engineer surveyed hauled in $300K
* Compensation was highly location-dependent, with U.S. engineers commanding higher salaries.
* Figures do not include bonuses.
* Crypto-specific engineers with knowledge of Solidity and Rust programming languages and blockchain architecture commanded higher salaries.

Non-Founder Business Operations Compensation

Business Development And Partnerships: $60K-$120K For Mid-Level; $150K For Senior-Level

Marketing And Communications: $80K-$100K For Mid-Level; $140K For Senior-Level

Product And Finance: $60K-$120K For Mid-Level; $150K For Senior-Level, Typically Only Hired At Later-Stage Companies

Operations, Design, Recruiting, Community Management: Up To $130K

Token Equity: Project Dependent

Updated: 9-1-2022

Crypto Winter? DeFi, Metaverse And NFT Job Market Still Hot — Recruiters

The number one attribute to succeed in the crypto industry is a “start-up mentality” and the ability to “roll with the punches,” a crypto recruiter tells Cointelegraph.

The ongoing crypto winter has seen budgets and jobs slashed, but the search for top-tier talent hasn’t stopped across several Web3 verticals, according to some crypto recruitment firms.

Speaking to Cointelegraph, Kevin Gibson, founder of crypto recruiting firm Proof of Search, said that the majority of staff cuts in the crypto market have been from centralized exchanges, most notably the 18% staff cut at Coinbase in June, 10% cuts at Gemini in July and the 5% cut at Crypto.com.

Despite this, he said there is “still a great deal of demand” for crypto job seekers to get work with “GameFi, Metaverse, decentralized finance and NFT-oriented companies.”

Gibson explained that crypto job boards continue to be dominated by developer and engineer roles, adding there is also “a shortage of experienced CTO, CMO and token experts.”

Unfortunately several crypto exchanges announced big layoffs recently:
– @coinbase 18%
– @Gemini 10%
– @cryptocom 5%
– @BlockFi 20%

Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS…

✉️ DMs are open! #hiring

— CryptoCareers | Hiring Web3 Developers (@_cryptocareers) June 14, 2022

Gibson added that venture capital firms have continued to deploy capital “to companies with solid business models which have seen sustained hiring activity despite market fluctuations.”

These claims appear to be backed by a recent report from crypto analytics firm Messari, which showed that $30.3 billion was poured into crypto companies in H1 2022, which was more than 2021.

While Web3 and nonfungible token (NFT) projects captured $8.6 billion of the total amount invested in the period.

Founder of CryptoRecruit Neil Dundon told Cointelegraph that the majority he had seen came from “non-essential areas.”

Dundon said, however, over the short to medium term, the crypto job market will “remain relatively stagnant for the time being until we get confirmation that we have exited the bear market,” despite there still being plenty of “great opportunities” out there for both crypto companies and job seekers.

But, bear market or not, Dundon said that a crypto company’s ability to adapt to changing circumstances will go a long way toward success in this market:

“Crypto is still a nascent industry the most important attribute to have when entering this space is a start up mentality. The ability to roll with the punches when things get a bit tougher or company direction changes. Building new things is not for the faint hearted.”

Some of the world’s largest publicly traded companies have also poured funds into the crypto market in 2022.

According to BlockData, Google, Samsung, Microsoft, PayPal, Morgan Stanley and Goldman Sachs are among some of the companies to have participated in funding rounds.

Updated: 9-30-2022

Lack Of ‘Qualified People’ Without More Web3 Education, Say Academics

Blockchain Academy International’s Huxley Peckham says there are already 60 different industries using blockchain tech today.

Australian blockchain academics and educators have called for more robust Web3 education in schools, preparing students for a world that will be dominated by blockchain technology.

Huxley Peckham, head trainer for Blockchain Academy International told Cointelegraph that there are “very few qualified people in the blockchain industry, but there is big demand for qualified people,” noting that worldwide, there are at least 60 different industries using blockchain tech.

Both Peckman, and Blockchain Academy International founder Tim Bowman said it was time to rapidly expand blockchain education in schools in order to prepare for a shift in the world economy.

Peckham believes blockchain education is important as it will allow “the next generation of strategists and consultants to come out with some real grip in this industry,” noting that knowing how to apply the technology will “really enhance their career.”

He suggested blockchain is a lucrative industry to jump into, noting he’s seen various jobs in the industry commanding “$300,000 [Australian dollars] plus incentives.”

Chris Berg, co-director of RMIT University Blockchain Innovation Hub, told Cointelegraph that it is vital students have an idea “on what does the economy look like, how the economy is changing” as it relates to cryptocurrency and blockchain.

Berg firmly believes that students “need to leave year 12 with an understanding of the changing nature of the economy, and the technologies that will affect it, one of those is blockchain.”

Meanwhile, Leigh Travers, CEO of cryptocurrency exchange Binance Australia, told Cointelegraph that it was imperative that Australian students can access the same level of high-quality education in blockchain as those seeking a career in traditional industries.

Travers noted that Binance Australia recently introduced a “Binance Internship” — allowing students to learn from the best in “Web3 and crypto” and “hopefully land jobs outside of that.”

This is alongside plans for Binance Australia to form a partnership with Australian universities so that a “blockchain master’s degree” can be established to help people “get into the Metaverse or build that out for the future.”

Bowman noted that his academy has “met with a school in Brisbane who are going to be offering a Diploma of Applied Blockchain to their year 11 and 12 students in 2023.”

Blockchain Academy International is the first blockchain education facility to be approved in Australia for government-issued student loans.

This allows Australians to enroll in its blockchain courses without having to pay upfront, instead taking out a loan with the Australian government the same way university loans are provided.

Bowman said he believes young Australians are already ahead of the curve in many ways recalling a personal experience he had talking to a primary school principal who asked a sixth-grade class “who here knows what an NFT is?” which was followed by “half the class putting their hands up” before learning that “six students had already bought an NFT.”

A newly released survey report from Australian crypto exchange Swyftx estimates Australia to gain one million new cryptocurrency holders over the next 12 months, bringing total crypto ownership in the country to over five million.

Updated: 10-10-2022

Demand For Talent In Crypto Less Dependent On Market As Industry Matures

Historically, bear and bull market cycles in crypto tend to correlate with the amount of talent that enters the space.

As the all-time highs from the last two-year bull market dissipate and it seems like a new bear market is settling in, only those talented individuals with strong convictions can find the motivation to devote themselves full-time to Web3, blockchain and crypto.

During the good years of a crypto market on the rise, many curious professionals with an interest in disruptive tech have flirted with the idea of working for startups in the space.

The demand for talent usually outpaces the supply, as there is a limited amount of people with the experience required to navigate this fast-paced industry and willing to embark on a new project, the longevity of which is uncertain.

Bull markets bring talent into the space and educate new people about what can be achieved through the use of this disruptive technology.

Bear markets test the conviction of even the strongest minds and reward those patient enough to stay. As the industry is expected to grow over time, it will require more talent to fuel innovation.

Raman Shalupau, founder of Crypto Jobs List — a platform for Web3, blockchain and cryptocurrency job listings — told Cointelegraph:

“I wouldn’t be surprised if bear market vibes are to continue in 2023. If we don’t see any other major collapses or regulatory surprises, we’d be likely to be entering a plateau of productivity when it comes to full-time opportunities in the industry.

More clear business models and a lot of investor money in the space that is fueling a lot of land grab opportunities, all of which require human capital.”

While the crypto market continues to cool down from all-time highs and projects tighten their budgets until the next bull cycle, finding a full-time job during a bear market doesn’t look as appealing and might not be as easy as during a bullish scenario.

Current Crypto Job Market Situation

The bearish sentiment in the market can be measured by the amount of hiring going on. According to data from Crypto Jobs List, the number of job listings and talent interested in the space has declined by around 30% to 40% when compared to the hiring frenzy at the peak of the last bull market in February 2022.

November 2021 alone saw as many new jobs as the entire year of 2020. pic.twitter.com/HnQrHfbDAL

— Crypto Jobs List — Solidity NFT DeFi Web3 Jobs (@CryptoJobsList) April 22, 2022

“The hiring and demand for talent have been stabilizing the past few months. After hiring freezes and layoffs in May-June, we are seeing more companies deploying capital to hire for key positions,” commented Shalupau. “Thanks to some of the layoffs, we now have more talent that has experience in the industry.”

Demand has been affected by negative price activity. The excess of talent currently searching for a job can be a positive thing in an innovative field like Web3.

This surplus in supply allows new projects to hire qualified talent that would otherwise end up at a bigger organization.

With young projects still figuring out business models and inexperienced talent learning industry requirements and best practices, it is reasonable to assume that price activity and volatility would be reflected in the number of job listings.

“Typically, right after sudden 10% or more sell-offs, there follows a period of uncertainty and caution that most companies exercise,” explained Shalupau.

Of course, this would depend on the nature of the business and how the company’s treasury is managed, as many projects have allocated their funds asymmetrically between fiat and stablecoins, volatile assets like Ether and Bitcoin or risky yield farms in decentralized finance (DeFi).

The uncertainty that accompanies price volatility affects the willingness of professionals to invest their time and effort into a project.

Having such a dynamic at play creates doubts for many professionals that think the down market is a bad time to join the industry.

This Might Most Influence Professionals On The Verge Of Transitioning Into Crypto Full Time. Shalupau Said:

“Those who are still uncertain whether they can make it in crypto full time, get their doubts reaffirmed with the price drop and fear that follows it. It’s counterintuitive, but the reality is the complete opposite, a bear market is the best time to start working in crypto and find a job.”

Lessons From The Previous Cycle

At the top of each bull market, projects tend to chase specific technical talent to add to their team and high-level management positions such as chief technology officer are in the most demand.

From 2016 to 2018, projects had to hire Solidity developers just to put forward an initial coin offering (ICO). Then from 2021 to 2022, the race was to hire smart contract engineers to develop nonfungible token projects.

 

 

As demand for jobs in crypto increased, salaries also started moving up accordingly. “I believe the main driver however is the amount of VC money in the space, which is chasing a limited talent pool,” explained Shalupau:

“Projects are going for talent with a strong technical background and desire to learn crypto, rather than for talent with strong previous technical experience.”

Technical jobs such as engineering for smart contract programming languages like Solidity and Rust have increased the most, while responsibilities for these types of jobs have mainly stayed the same.

The amount of work, however, might have increased, considering the number of new integrations that most projects need to perform these days.

Projects building a cryptocurrency wallet, an interchain bridge, analytical tools or DeFi products like a decentralized exchange are demanding their engineering team to provide multichain support for their products.

When building a product, every piece of the puzzle has its nuances and often requires a separate approach.

Future Cycles Repeat And Improve

The cyclical job patterns experienced during the end of the bull market of 2018 into the transition period of the following years tend to be similar to the current job landscape experienced in 2022 and what is expected to come for the following years.

With every cycle experienced by the space, the crypto job market is slowly consolidating a stable demand for talent independently of the price action in the markets.

“More projects are raising in USDC, equity and token warrants, hence the market swings don’t impact hiring plans as much as they used to in 2016–2019 when most raises were via ICO and in ETH,” Shalupau remarked, adding:

“Bear market purges all the short-term opportunistic companies, and leaves space for well-funded, serious businesses to keep hiring and building.”

Established projects can sustain hiring during downturns in the market. Proper financing allows new teams to be formed and take advantage of different skill sets that promote growth.

Updated: 10-28-2022

Crypto Companies Are Still Hiring, But You May Not Find A Job Post About It

Engaging and networking are key tactics for landing a position in the industry during the crypto winter, recruiters said.

Crypto companies are still hiring but might not be actively recruiting amid the market downturn.

If you are considering joining the space, however, this is still a good time to get your feet on the door, sources in the industry told Cointelegraph.

“While there may not be as many open roles advertised as there were last year, companies are definitely still hiring. Our clients continue to come to us for assistance with finding top talent for key hires,” noted Tyler Feinerman, global head of talent for Wachsman.

According to data from LinkedIn, over 7,200 job positions were listed in October in the United States.

Also, the number of monthly jobs posted on blockchain job site Crypto Jobs List in September is back to the same level as one year ago.

The limited pool of talent still represents a challenge for companies in the space, said Feinerman, even with the wave of layoffs that slashed over 11,000 positions in the past six months.

Unfortunately several crypto exchanges announced big layoffs recently:
– @coinbase 18%
– @Gemini 10%
– @cryptocom 5%
– @BlockFi 20%

Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS…

✉️ DMs are open! #hiring

— CryptoCareers | Hiring Web3 Developers (@_cryptocareers) June 14, 2022

“People in the industry are wearing many hats now,” explained Emily Landon, founder and ​​CEO of The Crypto Recruiters, as more companies have slowed down the hiring process in the past months.

The opportunities are still there, she said, but the bear market affected the crypto and Web3 sector in various ways.

Regular job posts are less likely to be found, meaning that candidates must actively network to land a position.

Joining Discord and Telegram channels, along with crypto meetups to engage with community members, remain key strategies for those who seek to work in the crypto space.

“I really encourage people who are interested in working in the Web3 space to attend local meetups.

Tons of cities have crypto meetups that anyone can attend, and they are great opportunities to network and meet people who are already in the industry,” said Feinerman.

Amid the crypto winter, companies are also revisiting their priorities when hiring, with more available positions for product development roles rather than marketing and sales.

“Companies shift their hiring plans to focus more on developer and product roles and building,” commented Wachsman’s head of talent.

As previously reported by Cointelegraph, to keep up with the demand for professionals in the coming years, colleges and universities have started offering specialized courses to help students better understand the blockchain ecosystem, with programs at the University of California, Berkeley and the University of Wyoming among the entities targeting the workforce of the future.

 

Updated: 10-30-2022

Tech Talent Migrates To Web3 As Large Companies Face Layoffs

Web3 companies continue to hire amidst a bull market as tech giants undergo layoffs and hiring freezes.

As inflation continues to grow, coupled with a looming recession, many tech firms are having to cut portions of their staff.

To put this in perspective, data from Layoffs.fyi found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally.

It has also been reported that tech giants like Google, Netflix and Apple are undergoing massive job cuts.

While many of these layoffs are likely due to an economic downturn, this has resulted in an overwhelming amount of talent flocking to early-stage Web3 companies.

For example, Andrew Masanto, a serial entrepreneur who has founded a number of startups, told Cointelegraph that he recently launched Nillion, a startup specializing in decentralized computation, to help ensure privacy and confidentiality for Web3 platforms.

Although Nillion is still in its early stages, the technological innovation behind the company has already proven to be appealing.

Since the company’s inception in October this year, leading talent from companies like Nike, Indiegogo and Coinbase have joined the growing startup.

For instance, Slava Rubin, founder of the crowdfunding website Indiegogo, told Cointelegraph that he had recently joined Nillion as the company’s chief business officer based on the opportunity to join a startup with an innovative business model.

“The tech behind Nillion is massively innovative, as it focuses on advancing secure multiparty computation (MPC). MPC is known for being slow and unable to work for certain use cases. The risk of failure doesn’t concern me here since it’s such a huge opportunity to solve this problem,” he said.

The notion of building technology to advance MPC also attracted Lindsay Danas Cohen to Nillion. Cohen previously served as associate general counsel at Coinbase before joining Nillion this year as the company’s general counsel.

Although Coinbase announced in June that it was cutting its staff by 18%, Cohen explained in a recent blog post that she left Coinbase to join Nillion due to the opportunity to help advance privacy and data sharing through MPC. “This would be a true zero-to-one innovation,” she wrote.

While the crypto industry continues to face a bear market, it’s clear that the projects being built during this period are seen as an exciting opportunity. “I built Indiegogo during the 2008 bear market, and I think we will see the same thing in this market.

In about three to five years, we will see some very strong companies emerge that know how to use capital efficiently,” Rubin remarked.

Indeed, well-funded Web3 companies continue to hire, while large tech companies face layoffs and hiring freezes. Sebastien Borget, co-founder and chief operating officer of The Sandbox, told Cointelegraph that the popular metaverse platform currently has a total of 103 job openings.

“The excitement of working in the front row of Web3 is big, and we are enjoying this interest towards our open positions,” he said.

According to Borget, The Sandbox has grown to 404 employees this year, almost doubling in size from its 208-employee workforce it had in December 2021. Borget added that The Sandbox’s virtual real estate known as “LANDs” is now worth over $1 billion in total market cap.

Moreover, as Web3 companies continue to bring on both new and acquired talent, young jobseekers seem to be displaying a greater desire to obtain the skills needed to join these firms.

Priyanka Mathikshara Mathialagan, president of the Stanford Blockchain Club, told Cointelegraph that she has seen an increasing number of undergraduate students at Stanford taking blockchain-focused courses in preparation for careers after graduation.

“This year, we had more students enrolled in professor Dan Boneh’s cryptography class than those enrolled in traditional computer science courses,” she remarked.

Despite the bear market, Mathialagan also believes that there have been significant improvements made within the Web3 space, resulting in a more positive outlook toward the sector.

For example, she mentioned that the Ethereum Merge that took place on Sept. 15 has helped ensure a more energy-efficient platform, creating appeal for students that may want to leverage the Ethereum network for Web3 projects.

Mathialagan added that while a numerous amount of theoretical research has been performed for years within fields like computer science, Ph.D. students are considering Web3 due to new opportunities for advancement. She said:

“The math used in theoretical computer science and cryptography is similar to the math needed to advance zero-knowledge proof-based applications. There is now an industry that wants to pay Ph.D. students for their research and put these findings to use.

For example, there is a large demand for distributed system engineers since every single blockchain is really a distributed system. These are the people who can design consensus algorithms and new architectures for scalable and secure blockchains.”

This seems to be the case, as Masanto shared that Nillion has hired 10 engineers within the last six months. Borget added that The Sandbox is currently hiring 17 engineers, along with game designers, architects and other individuals capable of supporting brands building in the company’s metaverse.

Skepticism Remains

While it’s notable that Web3 companies are actively hiring, a number of concerns remain. For instance, although companies remain focused on building during a bear market, fundraising may be problematic.

Given this, it’s important to point out that Nillion is currently being bootstrapped by its founding team. A spokesperson from Delphi Digital, a crypto-focused research firm, also told Cointelegraph that while the company is currently hiring across the board, no funds have been raised.

“We have been completely bootstrapped up until now.” While impressive, running a company based on personal finances or operating revenue may be concerning for job seekers.

For instance, Mathialagan noted that students starting a career in Web3 want to be assured that the company will exist two to three years down the road.

Jessica Walker, chief marketing officer of Fluid Finance — a fintech company focused on revolutionizing banking with blockchain — further told Cointelegraph that it is a waiting game to see what companies have the strongest communities and teams capable of withstanding the crypto winter, adding:

“It’s important for organizations to build partnerships and roll out products, while also being able to budget their overhead costs during this time.”

Moreover, Mathialagan believes that it’s challenging for students, along with individuals within the Web2 sector, to get connected with Web3 companies.

For instance, while companies like Nillion have brought on individuals from organizations like Coinbase, Indiegogo and Nike, Masanto shared that he already knew a handful of these people prior to hiring.

Walker also remarked that due to the bear market, recruiters need to pay additional attention to detail when onboarding new team members.

“Some uncertainty comes from new hires about the security of their role, especially during a bear market. At Fluid, we often try to hire from our community first,” she said.

Although strategic, Mathialagan mentioned that the Stanford Blockchain Club is compiling a list of job postings to help students connect better with Web3 firms as more hiring takes place: “For students, hiring remains the biggest single problem even beyond security issues faced by Web3 companies today.”