- Bitget has published a report on the state of the labor market in the crypto industry.
- Salaries in crypto startups are almost twice as high as in similar positions in the banking sector, experts concluded.
- 33% of job candidates had previously worked in a bank, the report said.
Web3 company Bitget presented a report on the state of the labor market in the cryptocurrency sector in 2023. 33% of applicants for vacant positions have experience in the banking sector, representatives of the exchange told Incrypted.
Main details of the report:
- 33% of applicants for work in a crypto exchange previously worked in the banking sector;
- a 50% decline in bank revenue led to more than 70,000 job losses from 2020 to 2023;
- salaries in crypto startups are almost twice as high as in similar positions in the banking sector;
- 23% of candidates apply for the positions of Manager, Compliance Specialist, Senior Compliance Officer and Anti-Money Laundering Analyst;
- 36% of blockchain-related jobs were remote;
- the integration of blockchain into the banking sector will attract about $40.4 billion in investment by 2031.
The report examines some of the developments driving the adoption of blockchain in traditional banking in 2023.
According to Bitget, financial sector professionals are increasingly looking for jobs in the cryptocurrency space. They are attracted not only by higher salaries, but also by prospects for further development. This is forcing banks to reconsider their approach to hiring staff, experts say.
A decline in investment bank revenues of more than 50% has led to a series of layoffs. The reorganizations of Morgan Stanley, BlackRock and Goldman Sachs have resulted in some 50,000 job cuts since 2020 alone. 20,000 employees of five major banks will also lose their jobs in 2023, the document says.
Analysts have concluded that junior professionals at cryptocurrency startups in London can expect to earn salaries of around $125,000, compared with the $87,810 that investment banks are offering for similar positions. The difference becomes even more noticeable when compared to working conditions in traditional banks, where salaries average $54,000.
Factors such as high salaries, industry prestige, growth opportunities and flexibility are the main reasons for employees moving into the crypto industry, Bitget reported.
According to forecasts, by 2031, investments in the integration of blockchain into the banking sector will reach $40.4 billion. In the period from 2025 to 2026, banks' expenses in this area of development will reach $22.5 billion, according to the press release.
Let us remind you that we previously published a report on the main performance indicators of the crypto exchange. In 2023, the platform saw a 94% increase in spot trading volume.