The Great Migration: Banking Professionals Turning to the Crypto World
In the ever-evolving world of finance, a significant shift is underway.
A recent study by Bitget reveals that one-third of job seekers in the cryptocurrency sector previously held positions in traditional banking and finance industries.
This trend is a testament to the growing allure of blockchain technology and the opportunities it presents. As a platform that connects businesses with top blockchain and Web3 service providers, Semoto is at the forefront of this transformation.
The Bitget study found that 33% of individuals applying for roles within the cryptocurrency exchange were formerly part of the banking sector.
These applicants are primarily interested in positions such as KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst. The past few years have seen a considerable shift, with a 113% increase in 2022 and a 143% increase in 2023 in the number of job applications from individuals with a banking background.
This trend aligns with the growing integration of blockchain technology in mainstream financial institutions. Prominent players in the banking industry, including HSBC, JPMorgan Chase, and Citi Group, have been actively exploring and adopting decentralized technologies. The impact of blockchain technology on retail banking is forecasted to be substantial, with projections estimating a market value of $40.4 billion by 2031.
In the UK, technology-related job openings increased by 46% in 2020, accounting for a third of all job advertisements. Despite setbacks such as the 2022 FTX crisis, which resulted in over 2,000 job losses in the cryptocurrency sector, companies like Coinbase and Amber Group have been actively recruiting, bringing in 197 and 250 new employees, respectively.
The report also highlights the disparity in compensation between the banking and cryptocurrency sectors. Traditional banks have reduced overall salaries, partly influenced by remote working arrangements and digitalization efforts.
In contrast, the cryptocurrency industry offers significantly higher salaries, especially for remote positions. In 2022, 36% of blockchain-related job postings were for remote roles, doubling the global average of 16%.
At Semoto, we understand the appeal of the crypto world and the opportunities it presents. Our platform is designed to simplify the process of finding high-quality service providers in the blockchain and Web3 sectors.
Whether you're a business seeking top blockchain lawyers, skilled tax advisors in crypto, or the best Web3 consultants, Semoto is your ideal destination.
We also cater to service providers looking to expand their reach. With our pre-vetted network and community-driven approach, we foster long-lasting professional relationships. Join us at Semoto and be part of the revolution in the Blockchain and Crypto sectors.
Visit our website at www.semoto.io to learn more about our services and how we can help you navigate the exciting world of blockchain and crypto. Semoto, your trusted digital advisor in the blockchain market.