Priya PatelTLDR: One-third of job applicants in the crypto industry previously worked in the banking and financial sectors. Higher salaries and prospects for innovation continue to attract professionals seeking new opportunities. The reduction in revenues of investment banks has led to significant layoffs and further migration of talent. The hi-tech industry has also contributed to the workforce erosion of banks, with technology-focused jobs becoming more attractive to younger employees. The crypto industry offers higher salaries for remote employees, drawing talents from the banking sector. Overall, factors such as higher salaries, industry prestige, growth opportunities, and flexibility were identified as the main reasons for employee migration to the crypto industry.
The report also discussed significant events in 2023 that drove the adoption of blockchain technology in traditional banking. Major players such as HSBC, JPMorgan Chase, and Citi Group launched initiatives aimed at embracing decentralized technologies. It predicted that investments in blockchain retail banking will reach an estimated $40.4 billion by 2031. Bitget, the crypto exchange that conducted the report, itself experienced significant growth in its employee and user base in 2023.
