Crypto Bullion Goes Viral: XAUT Holders Soar 172% in Gold-Backed
36% Blockchain Jobs Remote, New Report Says
(Originally posted on : Crypto News – iGaming.org )
Bitget, a global leader in cryptocurrency exchange and Web3, has published a report offering a deep look into how the financial sector is evolving, especially in relation to the growing influence of decentralized technologies. The report highlights a trend of professionals from traditional banking moving towards the crypto industry.
Key points from the Bitget report include:
- 33% of job applicants at the exchange previously worked in banking.
- Investment in blockchain technology for retail banking is forecasted to hit $40.4 billion by 2031.
- Banking revenue drops led to over 70,000 job cuts from 2020 to 2023, a 50% reduction.
- Remote roles in blockchain are rising, with 36% being remote-based, surpassing the global average of 16%.
- Salaries in crypto startups nearly double those in banking for similar roles.
- Popular roles in crypto include KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst, attracting 23% of candidates.
The report notes several key events in 2023, such as major banks like HSBC, JPMorgan Chase, and Citi Group embracing decentralized technology. Predictions suggest an impact of blockchain in retail banking, with a potential market value of $40.4 billion by 2031 and a 40.4% CAGR growth. Blockchain spending by banks could reach $22.5 billion between 2025 and 2026.
A major focus of the report is the trend of financial sector professionals moving to the cryptocurrency domain, drawn by higher salaries and opportunities for innovation. This trend is causing traditional banks to rethink their hiring and compensation strategies.
The report also points out a 46% increase in technology-related job openings in the UK in 2020, with companies like Goldman Sachs now having 30% of their workforce as software engineers. This shift, coupled with a 50% revenue drop in investment banks resulting in over 50,000 job cuts since 2020, has led to a talent migration from traditional banking to tech and crypto sectors.
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Despite the FTX crisis in 2022, the crypto sector remains a strong employer, with Coinbase and Amber Group hiring hundreds of employees. The report also highlights a pay gap, with junior engineers in crypto startups earning substantially more than their counterparts in investment banks.
The report includes detailed statistics on resume trends, showing a 143% increase in resumes from banking professionals in 2023, indicating a 33% migration to the crypto sector. Job roles in investment relations, business development, sales, KYC and compliance, data analytics, product design, project management, and backend engineering are highly sought after.