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Better Salary, Better Opportunities: Why Bankers are Considering Careers in Crypto

Bankers’ shift towards crypto for better job opportunities

The allure of the cryptocurrency sector is increasingly irresistible to banking professionals, with many pivoting to crypto careers lured by higher salaries and the industry's growth. According to a recent report from Bitget, shared with CryptoStake, the trend is significant: approximately one-third of applicants for crypto positions boast a background in traditional banking and finance. 

Bitget stated:

“33% of the exchange job applicants previously worked in banking…23% of [these] candidates apply for KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst,” 

These professionals, including those experienced in compliance and anti-money laundering (AML) roles, are being drawn to the dynamic world of digital assets, marking a notable shift in the financial industry’s talent landscape.

Higher salaries and industry growth: a major draw for bankers

The migration of finance professionals to the crypto realm is fueled by more than just intrigue; it's the lucrative salaries that often double what traditional banks offer. Bitget's insights reveal a compelling salary contrast: junior engineers in banking earn about $87,810, while their counterparts in crypto startups can expect around $125,000. 

This significant disparity extends across various roles, with the average salary in crypto firms ($115,667) vastly outstripping that of conventional banks ($54,000). This financial incentive, coupled with the digital asset sector's rapid expansion, presents an attractive proposition for banking talents seeking both monetary rewards and a stake in a forward-looking industry.

The crypto industry’s appeal: flexibility and expanding horizons

In 2022, a staggering 36% of blockchain-related roles were remote-based, offering a work environment that starkly contrasts with the traditional banking sector's norms. This shift in work culture, accelerated by the pandemic-induced remote work trend, has not been mirrored in the banking sector, where salary adjustments tied to remote work have often been downward. 

As a result, crypto firms stand out for their progressive approach to work arrangements, further enhancing their appeal to those seeking a more adaptable and dynamic career path.

Crypto’s impact on traditional banking careers

Gracy Chen, Managing Director at Bitget, paints a picture of a labor market undergoing a significant transformation. As the crypto industry gains momentum, its decentralized nature is poised to reshape traditional banking, potentially sparking increased mergers and acquisitions. This shift is not just a fleeting trend but a profound change in the labor dynamics within the financial sector. 

Chen suggests that as digital currencies and blockchain technology continue to mature, they will inevitably influence job dynamics, heralding a new epoch in the global labor market.