Wall Street's Big Bankers Join the Crypto Revolution

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“Big banks were hesitant over adoption of cryptocurrency and the need for crypto talent, now they are on the hunt.”-- Paul Ebeling

Demand for cryptocurrency and blockchain talent is soaring, as big banks make a big push into the unregulated space.

US job postings for “crypto” and “blockchain” positions skyrocketed 615% in August, compared to the same frame last yr.

Despite JPM's CEO, Jamie Dimon’s skepticism, the bank started offering clients access to 6 crypto funds in July.

Crypto talent hiring by major financial services firms rose 40% in 1-H of Y 2021, compared to the same period last yr. These firms are on pace to add more than 3X as many workers with experience in digital assets to their payrolls in Y 2021 than they did in Y 2015.

JPMorgan Chase, BNY Mellon, Deutsche Bank, Wells Fargo, Citigroup, Goldman Sachs, Morgan Stanley, Capital One, UBS, Bank of America, Credit Suisse, and Barclays are the major financial institutions hiring the most crypto talent for a mix of roles ranging from sales professionals to workers designing crypto offerings for consumers and engineers building blockchain platforms for banks.

In another sign of Wall Street’s broad embrace of crypto, the 1st bitcoin ETF, ProShares Bitcoin Strategy ETF (BITO), started trading last month.

There is technology that needs to be built [for big banks], that underlying blockchain ledger technology. So software engineers are in huge demand. Crypto is also a product that needs to be sold and marketed and explained to customers and clients, so sales and marketing roles are also on the rise.

Security positions are in high demand. Security is so important around crypto assets. These are clients’ assets, clients’ money that they’re moving around the world so security architects are also roles that are on the rise.

While banks are rolling out compensation bumps to crypto experts that can be 50% higher than the pay of their peers in non-crypto-related jobs, operating in a regulated environment may be a bigger obstacle in attracting talent.

Banks have a lot of regulatory responsibilities and burdens. They want innovative talent, but they want to make sure that talent is accustomed to working within the bounds of existing regulatory frameworks because the banks do not want to step outside of those bounds.

If you are a crypto job seeker, you have to understand that you are stepping into the legacy world of finance to work in this revolutionary future of finance.

Coming up: Crypto Payments Can Disrupt the Billion-Dollar Transaction Fee Industry

Have a healthy, prosperous weekend, Keep the Faith!