Banks continue to increase their rate of hiring crypto talents as they strive to meet the interests of modern investors. In August 2021 alone, the number of vacancies in the industry increased by 615% compared to the same period of 2020.
Despite the fact that cryptocurrencies have the potential to replace fiat, it is the large banks that strive to begin to play a role in operations with them. Due to the growing interest in digital money, banks continue to increase the number of vacancies for crypto talent. JPMorgan Chase, BNY Mellon, Deutsche Bank and Bank of America are among the old players looking for crypto talent, Bein Crypto reported.
The first half of the 2021 industry saw a 40% surge in hiring crypto talent compared to the same period last year, according to data from the study. Some of Wall Street's banking titans have added about 1,000 crypto jobs to their organizations since 2018, according to a Bloomberg report. In August of this year alone, the number of job postings related to cryptocurrency and blockchain in the United States grew by 615%, compared to the same period last year.
Goldman Sachs hired 82 crypto professionals, Wells Fargo hired 74, and JPMorgan Chase hired 63. A 20-30% pay increase over more traditional marketing, sales, and software development roles is being offered to reward top talent. Senior positions can get a 50% advantage over similar traditional roles. According to the Financial Times, which interviewed a London-based recruiter, even ordinary cryptocurrency hobbyists can get jobs in the industry, with salaries ranging from $137,000 to $273,000 per year, while blockchain programmers can make up to $337,000 per year.
Thus, there is a situation where banks are trying to attract the best crypto-talent, who, by their very nature, strive for decentralization, when the power does not belong to one middleman and where control over their own money remains. Banks strive to survive and be relevant, therefore they include cryptographic proposals in an existing structure so as not to lose customers.
© 2021, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.