The war for talent continues to escalate! Crypto companies put up hundreds of jobs for top talent

Despite a plunge in May, the total market value of cryptocurrencies has grown 400 percent in the past year to about $1.4 trillion, and traditional financial firms such as Goldman Sachs, Bank of New York Mellon and DBS have begun offering related services and transactions.

The war for talent continues to escalate! Crypto companies put up hundreds of jobs for top talent

An article published today by Bloomberg notes that booming cryptocurrency firms are struggling to find the right candidates to fill hundreds of positions, and the frenzy over digital currencies and other assets has put them in competition with some of the world’s largest financial institutions.

Despite a plunge in May, the total market value of cryptocurrencies has grown 400 percent in the past year to about $1.4 trillion, and traditional financial firms such as Goldman Sachs, Bank of New York Mellon and DBS Corp. are beginning to offer related services and transactions. At the same time, companies such as the Chicago Mercantile Exchange are expanding the availability of crypto derivatives products, all of which are helping this asset class to mature.

This leaves fewer candidates for crypto firms that need dozens or hundreds of new employees to expand their businesses, the article notes.

Binance, the world’s largest cryptocurrency exchange, is advertising for about 370 positions globally, according to the Collage job portal. New York-based Gemini plans to increase its Singapore headcount from 30 to 50 by December. Hong Kong-based Crypto.com, which employs more than 900 people, has more than 200 job openings on its jobs page.

We are actively hiring,” said Binance CEO Changpeng Zhao in an email. We are seeing exponential growth in the industry every year and we need to expand our team to respond to this.”

For potential candidates, interest in crypto jobs has increased about five to 10 times in the past nine months, said Neil Dundon, founder of recruitment agency Crypto Recruit. A single job posting can attract hundreds of applicants, he said.

Yet finding candidates with relevant experience can be difficult, which means some companies are lowering expectations or changing job standards.

In terms of work experience, one to two years is now enough,” Dundon said. The skills shortage is so severe at the moment that companies are casting a wide net.”

Jeremy Ng, head of Asia Pacific at Gemini, and Tom Lau, director of talent acquisition at Crypto.com, both agree that experience is a major challenge.

Jeremy Ng said, “If you want to find someone with deep crypto knowledge, it’s not an easy task.”

Ng says Gemini is considering expanding to markets like Hong Kong and Australia in the next 12 months, with benefits including unlimited vacation and profit-sharing plans to attract global talent.

Ng and Changpeng Zhao like candidates with banking and fintech expertise because those skills are transferable to the new position.

Developers and customer support are two of the larger teams in our organization, and the demand for them is typically the highest from a hiring perspective,” says Changpeng Zhao. Fortunately, these are the same skills that large Internet companies use. We’re seeing a lot of interest in Internet companies and other crypto projects.”

Bobby Ong, co-founder and chief operating officer of crypto data company CoinGecko.com, recently tweeted that finding the right employees in Malaysia is becoming increasingly difficult. He said the company has made internal adjustments and now offers positions that allow it to work completely remotely from anywhere in the world.

The war for talent continues to escalate! Crypto companies put up hundreds of jobs for top talent

Some compensation packages include a token component, Dundon said, and deals may need to be renegotiated if the token price plummets during the hiring process.

We’re competing with companies like investment banks or large technology companies, so we have to pay parity or a premium,” Lau said. This will make the market even hotter.”

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