With the realization that cryptocurrency will play an invaluable role in the evolution of the financial landscape, some of the world’s leading financial institutions are now paying top dollar to bring top crypto talent into their folds.
Crypto experts are in high demand.
Some of the country’s largest banks have added at least 1,000 crypto-related job positions to their organizations since 2018.
Not only that, but the institutions are not only hiring crypto experts, but also paying them more. According to Johnson Associates, a human resource firm, crypto-related roles tend to pay salaries that are 20% to 30% higher than comparable roles unrelated to the evolving crypto niche.
Speaking on why financial institutions would go to such lengths, Alan Johnson, managing director of Johnson Associates, stated that banks cannot afford to lose customers to competitors and, as a result, are willing to entice the best minds through salary incentives and bonuses.
“The banks can’t risk having their clients go to another bank to do these services,” he says, “so they need to build up.” This is a huge asset, a huge opportunity, and they desperately need people. They’re willing to pay a lot of money.”
Top traditional financial institutions are looking for crypto talent. MR
A cursory examination of the data compiled by Revelio Labs on hirings made by some of the country’s largest banks, including Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase, confirmed Johnson’s remark. According to the data, these crypto positions pay 9% more than the average salary in the financial sector.
Earlier this month, popular job platform LinkedIn released a report stating that jobs involving the terms “blockchain” or “crypto” had increased by 615 percent on its site between August 20 and this year. According to the report, JP Morgan was among the top employers for roles in the digital asset space.
It is worth noting that other top traditional financial institutions, such as Bank of America and Morgan Stanley, have also stated their intention to establish a dedicated crypto team at various times.