Priya PatelTLDR:
- One-third of crypto job applicants come from banking and finance backgrounds.
- Predictions state that blockchain in retail banking will reach $40.4 billion by 2031.
- Crypto startups offer higher salaries than traditional banking.
Bitget, a leading cryptocurrency exchange and Web3 company, has released a report revealing that one-third of job applicants in the crypto industry previously worked in the banking and financial sectors. The report highlights the growing adoption of blockchain technology in traditional banking, with major banks such as HSBC, JPMorgan Chase, and Citi Group launching initiatives to embrace decentralized technology. It predicts that blockchain in retail banking will reach $40.4 billion by 2031, with spending on blockchain estimated to reach $22.5 billion between 2025 and 2026. The report also notes that salaries in the crypto industry are almost double those of comparable positions in the banking sector, attracting talent from traditional banks and leading to a brain-drain in the industry. The reduction in revenues and layoffs in investment banks has also resulted in a migration of talent to the crypto sector. The report emphasizes that the shift towards technology-focused jobs, higher salaries, and innovation prospects are driving this talent migration.
