Cryptocurrency sector is gaining substantial interest as crypto exchanges go on a hiring spree and people make a move from traditional finance industry to crypto.
Traditional finance losing its potential as a future option
For quite some time, Coinbase has been poaching off senior executives right, left and center. Wall Street was highly targeted as a number of C-suite executives either left to start their own venture in the crypto sector or joined big names like Coinbase.
Recently, Bitflyer, the largest cryptocurrency exchange by volume in Japan went on a hiring spree as well. Media sources have revealed that the exchange has its eyes on bankers and traders from Wall Street.
The former Barclays trader, Daisuke Murayama has reportedly moved from the banking giant to the Japanese crypto exchange. Murayama even took a pay cut to move, stating that “
I just didn’t see a future in traditional finance.”
The products and services, according to him, are outdated and will soon become unnecessary.
Apparently, the number of Bitflyer employees has been doubled “to more than 150 people in the past six months and is on pace to top 300 before year-end.”
With over 2 million users, the company is actively recruiting talent in different positions. Yuno kano has also been quoted as saying:
“My target is to be number one in the world…To get there, I need to grow headcount. And those with the best skills come from global banks.”
Crypto exchanges looking for expansion & manpower
Crypto exchanges have been increasingly looking to expand their businesses as awareness and interest rises substantially in the crypto industry.
Currently operating in Japan, the US, and Europe, Bitflyer is planning to expand in Australia, South America, Africa and other parts of Asia. It is also expanding its services to include brokerage-advisory, digital payments and reportedly even an ICO.
After Coinbase Commerce, Coinbase has also further expansion plans into other areas of financial services. Huobi, another prominent cryptocurrency exchange recently announced that it will expand into the European market by opening a new office in London, later this year.
The plans for expansion and exchanges doing on a hiring spree have been going for quite a few months. In January, South Korea’s another big exchange Bithumb went on a hiring spree and expressed its plans to hire about 400 new employees. Coinbase has been on this spree since last year and hired big names while acquiring companies on the way as well.
Crypto industry has started absorbing the existing resources from the traditional financial institutions which means this sector will soon emerge as a prominent asset class.
Given an opportunity, would you quit your current job and move into the booming crypto industry? Let us know your views in the comment section below!
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.