Crypto hires have spiked 73% according to LinkedIn, but women make up less than a third of new hires
“For the finance industry, crypto’s appeal to younger professionals means fintech’s threat to the talent pipeline for big banks and asset managers will only continue to grow,” LinkedIn’s Devin Banerjee, author of a new report, told me.
Crypto hiring is hot—outpacing hires in traditional finance industries, according to LinkedIn’s analysis. In the U.S., from 2019 to 2021, crypto hires have increased by 73%. In comparison, over the same period, the net number of hires in traditional finance industries declined by 1%, the report found.
Cryptocurrency trader was the top crypto job title in 2021, followed by blockchain developer, and software engineer. “Finance and Big Tech have been battling it out for talent for the last, call it, a decade and change,” Michael Bucella, general partner at digital assets investment firm BlockTower Capital, recently told Fortune in a report on the talent exodus from Wall Street to crypto. “And now both of those industries are battling against each other but more so … battling against the world of crypto, decentralized finance [DeFi], and Web3.”
A long resume, it seems, isn’t a requirement to become a crypto professional. Recent crypto hires had 1.26 years of experience prior to starting their current job, compared to 1.64 years for finance hires, LinkedIn found. However, 37% of recent crypto hires earned a master’s degree or an MBA, compared to 31% of recent finance hires with the same degrees.
“Crypto, while a relatively young industry, is maturing in some important ways,” Banerjee explains. “Startups that have gained traction and established companies that have found success with crypto offerings are increasingly hiring for functions such as strategy, operations, finance, legal and compliance—where master’s degrees can bring specific credibility and expertise.”
Certification is also a route for many crypto professionals, such as digital asset advisors. For example, the Certified Digital Asset Advisor (CDAA) designation was created by a decentralized autonomous organization PlannerDAO. A decentralized network of financial advisors oversees its requirements and curriculum and provides the certification. Now, PlannerDAO is providing those who complete the CDAA program with a unique NFT as their certification.
The NFT expires after a year, so they have to get re-certified to maintain their status, Julien Genestoux, founder of Unlock, the company that creates the NFTs, told me. “Normally, you have to trust an authority to verify the certification,” Genestoux says. But on the blockchain there is a specific address that links to the NFT to easily verify the status, he says.
With all of crypto’s advancements, the industry is still lacking when it comes to gender diversity. Between 2018 and 2021, 70% of new crypto hires were men and 30% were women, LinkedIn found. In comparison, during the same period, women made up 43% of finance hires in industries like banking and investment management.
If you’re wondering where the crypto hiring hot spots are in the U.S., San Francisco, Austin and New York are the top three locations. One thing’s for sure, although the crypto market is volatile and a work in process, it’s still appealing to many.
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