Cryptocurrency exchange Bitget recently pointed out in a report that traditional financial professionals are seeking job opportunities in the cryptocurrency industry, and the main reasons attracting them are high salary, industry reputation, development opportunities, and flexibility.
(Bitget Report: Female-led blockchain startup received only 6% of overall financing)
With the development of the blockchain industry, traditional banking industry is continuously expanding its adoption of blockchain technology but also facing talent drain. Many traditional financial practitioners are choosing to transition to the blockchain field.
One-third of cryptocurrency job seekers have worked in traditional finance
The Bitget report indicates that 33% of exchange job seekers have previously worked in the banking industry. The number of job applications has increased from 880 to 1,440 within two years, with a growth rate of 113% in 2022 and a high of 143% in 2023.
In terms of positions, middle and senior positions in investment relations, business development and sales, KYC and compliance, data analysis, product design, project management, and backend engineering are the most common. Among them, 23% of job seekers hope to apply for positions such as KYC manager, compliance associate, senior compliance associate, and anti-money laundering analyst.
Development potential and high salary attract traditional financial professionals
Regarding this phenomenon, Bitget explains that factors such as high salary, industry reputation, development opportunities, and flexibility, coupled with reduced income in traditional banking, are the main reasons why these employees are migrating to the cryptocurrency industry.
In terms of salary, Bitget uses London as an example to illustrate the significant difference in salary between traditional banking and the cryptocurrency industry:
The starting salary for junior engineers in local cryptocurrency startups is approximately $125,000, with bonuses. In contrast, investment banks offer a starting salary of $87,810 for similar positions.
The average salary in banking is $54,000, while the average salary in cryptocurrency companies is around $115,667.
In response to this, Gracy Chen, Managing Director of Bitget, stated:
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