TradFi Firms Scoop up Crypto Talent to Boost Blockchain Business

TradFi Companies Attract Crypto Talent To Boost Blockchain Business

Keen to develop their own blockchain capabilities, traditional finance firms (TradFi) are increasingly hiring crypto-savvy employees who have been laid off due to the downturn in the market.

Before the market crash, crypto companies were expanding rapidly, but then they had to quickly contract once prices started dropping.

While companies such as BitPanda and BlockFi have cut staff, Coinbase, the largest US cryptocurrency exchange, laid off 1,110 employees, or nearly 20% of its total staff, in June.

“You suddenly have a very skilled workforce, and you are looking for new jobs in markets where blockchain capability could be in great demand.” He said William Shaw Bloomberg Reporter.

While it was thought that it would largely be fintech companies that would absorb this pool of talent, it was rather the TradeFi companies.

TradeFi banking on the blockchain

Although banks are still somewhat controversial about matters related to cryptocurrencies — “the thing about banking and cryptocurrency, rule number one is that you don’t talk about crypto,” one banker Xu told — many are more interested in the underlying blockchain technology. and its capabilities to trade more traditional securities.

According to Shaw, Citi has been exploring how it can use blockchain in the bond settlement process, while other major banks have been announcing major roles around blockchain and crypto in recent weeks.

For example, Citi has been announcing a digital asset risk manager head-to-head for cryptocurrency, Goldman Sachs is seeking a VP of crypto and blockchain, and the asset and wealth management business of JPMorgan, which manages $7 trillion in total assets, is looking for someone to oversee. on blockchain strategy, including crypto and digital currencies.

Indeed, TradFi Banks have had a glorious summer of crypto discontent, having been unable to source the right talent yet.

According to Thomas Olson of Bain & Co. While banks have been finding it difficult to recruit suitably knowledgeable talent in the past six or nine months, they are now taking advantage of the crypto winter to keep pace with industry developments, and scale up. encryption operations.

Specifically, they are looking for compliance professionals with knowledge of cryptocurrencies and distributed ledger technology.

Naturally, the payment companies have also been eager to acquire what they see as “hot talent”. Since Revolut ramped up its cryptocurrency staff earlier this year, competing payment platforms Plaid, Stacks, and Block are also encouraging those with crypto experience to apply.

Filling ‘Mission Critical’ roles remains critical

However, despite having to cut staff currently, many crypto companies remain determined to their mission. After laying off a fifth of its employees, Coinbase is still hiring for “important roles,” such as business and strategy operations, human resources, and recruitment, as well as legal and compliance.

After going through several previous downturns, the company is likely to retain some flexibility and has experience in downsizing efficiently.

However, in the prevailing economic environment, it is not only crypto companies that are struggling, but many legacy companies as well. While crypto-firm assignments may motivate many to return, for now, given the global economic turmoil, workers may prefer the security of employment at an established firm.


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