33% of Crypto Job Applicants hail from Banking, Bitget Report

January 25, 2024
1 min read

The Bitget report reveals that one-third of recent job applicants in the cryptocurrency industry have backgrounds in banking and finance. The report also highlights the growing impact of decentralized technologies on traditional banks and examines the effects of remote work and digitalization on the financial job market.

The report provides the following key takeaways:

  • 33% of job applicants in the cryptocurrency industry previously worked in banking
  • Investments in blockchain retail banking are predicted to reach $40.4 billion by 2031
  • Reductions in banking revenues have resulted in over 70,000 job cuts between 2020 and 2023
  • 36% of blockchain-related job roles are remote-based, double the global average
  • Salaries in crypto startups are almost double those in comparable banking positions
  • 23% of candidates apply for roles such as KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst

The report explores the events that have driven the adoption of blockchain in traditional banking, such as the initiatives launched by HSBC, JPMorgan Chase, and Citi Group. It predicts that the impact of blockchain in retail banking will reach $40.4 billion by 2031, with spending on blockchain estimated to reach $22.5 billion between 2025 and 2026.

The report also analyzes trends in recruitment in the blockchain industry, highlighting the migration of talent from the banking sector. This brain-drain from traditional banking has led to a reevaluation of hiring approaches and compensation offers. The reduction in revenues for investment banks has resulted in layoffs and a shift toward technology-focused jobs.

The report reveals that remote-based roles in the blockchain industry have doubled the global average, and salaries in crypto startups are significantly higher than those in banking. This has attracted professionals from the banking sector, who see higher salaries, industry prestige, growth opportunities, and flexibility as reasons to transition to the crypto industry.

The Bitget report concludes that the financial job market is undergoing a significant transformation due to the growing momentum of crypto and decentralized technologies. The migration of talent from banking to the crypto industry may lead to increased mergers and acquisitions in both markets, impacting job reductions and transforming the labor market.

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