Competing for a new outlet? Executives of U.S. tech giants have “jumped” to the cryptocurrency industry
The website of the Spanish newspaper Herald recently reported that, just like the Internet in the 1990s, the blockchain industry is currently experiencing a moment of full prosperity. Projects are no longer just promises, but are starting to become an increasingly accessible reality for all. Investing in cryptocurrencies has gone mainstream, NFTs have exploded, and big brands like Sarah Clothing or Nike are starting to create services for the Metaverse. Everything has become very serious. This is confirmed by the brain drain experienced by the big tech companies in Silicon Valley – Facebook, Google, Microsoft, Amazon – watching how their professional talent flows to cryptocurrency startups, NFTs, blockchain or what is now called The concept of Web3 (referring to those Internets that are no longer controlled by large corporations, but run through decentralized systems in the hands of Internet users themselves).
A case in point is Twitter co-founder Jack Dorsey, who recently announced his departure from the company to focus on leading Square, a digital payments company that hopes to become a benchmark in the blockchain world.
Western media quoted a recent report by the New York Times that a series of executives of large technology companies have also embarked on the same path. Some examples include the announcement that Amazon Web Services VP Sandy Carter has joined Web3 startup Unstoppable Domains as SVP of business development, which specializes in the commercialization of blockchain domains. David Marcus, the head of Metaverse’s (Facebook) cryptocurrency department, also announced that he would be leaving to create his own virtual currency project. Brian Roberts, treasurer of transportation platform Lift, an Uber competitor, has just signed on for the same position at OpenSea, a trading platform for NFTs. In a recent statement to Bloomberg, he said: “I haven’t been this excited in a long time. It reminds me of Ebay in the mid-’90s.”
The phenomenon is worrying companies such as Google, which has begun offering some employees more shares to keep them. But many of them didn’t change their career direction because of salary issues (the tech giants are often well paid), but because of a passion for what’s to come.
Montece Guardia, president of a blockchain association in Spain that brings together more than 500 affiliated companies from different industries, said that association blockchain technology — which is the technology behind cryptocurrencies, NFTs or web3 — is gaining momentum , aside from the speculative boom in the cryptocurrency environment such as Bitcoin, the market has recognized its potential. “Blockchain technology has been promising for many years, and now when we start to validate its potential, supported projects are emerging, but there is a lot of money behind it, especially in the field of virtual payments,” Guardia said. Another proof of the industry’s significant progress, he believes, is the launch of China’s digital yuan in 2021, as well as the European Union’s digital euro project announced in the summer.
Another statistic of the industry’s explosive growth over the past year is the investment attracted by blockchain-based startups. According to CB Ventures, the industry will generate $15 billion in revenue in the first nine months of 2021, nearly 4 times the total for all of 2020.
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