Report from Bitget: One-Third of Cryptocurrency Job Seekers Originate from the Banking Sector.

Rephrase the Bitget, the world’s leading cryptocurrency exchange and Web3 company, released a comprehensive report revealing that one-third of crypto job applicants are former employees of the banking and financial sectors. The report also provides invaluable insights into the impact of decentralised technologies on banks in 2023 and analyses how remote work and digitalisation have influenced the financial job market.Key takeaways:33% of the exchange job applicants previously worked in banking;Investments in blockchain retail banking will reach US$40.4 billion by 2031;50% reduction of revenues of banks resulted in over 70,000 job cuts between 2020-2023;36% of blockchain-related posted roles were remote-based, double the global average of 16%Salaries in crypto startups are almost double those of banking comparable positions;23% of candidates apply for KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.The report delves into some major events that have driven the adoption of blockchain in traditional banking in 2023, including the launch of development initiatives aimed at decentralised technology adoption by such giants as HSBC, JPMorgan Chase, Citi Group, and others. Predictions state that the impact of blockchain in retail banking will achieve a milestone of US$40.4 billion by 2031, a CAGR growth of 40.4%, with banking spending on blockchain estimated to reach US$22.5 billion between 2025 and 2026.The main section of the report is dedicated to the trends in recruitment in the blockchain industry, emphasizing that talents from the financial sector are migrating into the domain of cryptocurrencies in search of opportunities, attracted by higher salaries and innovation prospects. The result is a brain-drain from traditional banking, driving reevaluation of hiring approaches and compensation offers on the part of the latter.The statistics presented in the report showcase that the UK alone experienced a 46% increase in technology-related vacancies in 2020 – one-third of all jobs advertised in the country. The case is best described by Goldman Sachs, where 30% of employees are software engineers.The reduction in revenues by investment banks by over 50% year-over-year has resulted in layoffs, leading to a migration of talents. The reorganisation of banks, such as Morgan Stanley, BlackRock, Goldman Sachs, and others, alone have led to over 50,000 job cuts since 2020. Another 20,000 jobs were cut by five major banks in 2023.The shift towards technology-focused jobs on the part of younger employees is also revealed to be a major factor, further eroding the workforce of banks. The outflow was somewhat balanced by the hi-tech industry, where companies like Coinbase, Amazon, Alphabet, Microsoft, and others hired from 20 to 200 employees. The crypto sector led the hiring spree, with Coinbase attracting 197 talents, and Amber Group – 250. Such dynamics remain, despite the FTX crisis in 2022, which saw over 2,000 job losses in the sector.R into blog format. Make sure to include proper formatting such as section breaks.  

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