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A new LinkedIn study found that in the U.S. last year, crypto hires jumped 73% from two years earlier. In contrast, the number of hires in traditional finance industries dropped by 1% over the same time.
When Stuart Popejoy, the CEO of Kadena, told CoincryptoUS that traditional finance has been having a hard time hiring people in tech for a long time, not just recently.
During the late 2000s "algo boom," finance saw technology as a strategic asset. Since then, finance has seen technology mostly as a cost center, no matter how big, that must be cut down as much as possible. People who work in finance aren't used to seeing crypto on their radar yet. Crypto is still new enough to be both strategic for the company and interesting to developers as a new challenge and learning opportunity, so they want to work there.
According to LinkedIn data, San Francisco, Austin, and New York are becoming popular places to hire people who work with crypto. These cities already have a lot of people who work with technology and finance. Data says other cities that will be in the top 10 in 2021 are Miami, Denver, Los Angeles, Greater Boston, Greater Seattle and Atlanta.
Colin Zarzour, the head of operations at Koii told CoincryptoUS that the big surprise over the last year has been the rise of Miami and Austin as a place to start a business.
In Zarzour's words: "Both cities have been taking in a lot of talent, with a lot of this talent leaving cities like San Francisco." As a manager, I work with people on the east coast of Canada, Chicago, Pakistan and China. I think digital hubs can be just as important as cities. Cryptocurrency is interesting because sometimes what Discord you join or which Twitter Space you use can shape your network as much as where you live. I think even cities that aren't known as "crypto hubs" should think about investing in high-quality public support for innovation and entrepreneurship, because you can't be sure where the next "unicorn" in crypto will come from.
But while crypto's hiring has been going through the roof, it hasn't been spread out the same way. LinkedIn says that the gap between men and women in the field is getting bigger. From 2018 to 2021, 70% of the people hired for crypto jobs were men, and 30% were women, according to the data. Since last year, the number of people who are women has gone down. It was 26.5 percent. It's a big difference from the finance industries, like banking and investment management, where women have held steady at about 43% of net new hires over the same time period, LinkedIn says.
If more people start using crypto currencies, Diana Chaplin, the Director of Marketing at Pledge.to, says that these statistics will change "as crypto adoption grows for the same reasons that women have become more successful in any other industry, including finance and tech."
"Through groups like BFF that focus on women in Web3 to PledgeCrypto, which aims to make crypto fundraising easier for nonprofits, incorporating diversity only helps people become more aware and excited about new technology," Chapin told CoincryptoUS.
While there are a lot of women working in the crypto space and making a lot of money, Zarzour says that hiring trends aren't surprising, but they're not great. No, he thought. "Should we really expect to see a change?" During the biggest game in men's football, Matt Damon was talking in a commercial, and e-sports leagues with mostly male athletes signed multi-million dollar deals with Coinbase and Team Liquid, like TSM-FTX and Coinbase x Team Liquid.
He said that recruiters who have to find "crypto-literate" candidates often choose candidates from groups that have been targeted through this kind of marketing. This means that the gap between the two groups grows. It doesn't matter how good you are at football to understand how proof-of-stake works, of course. There isn't going to be much diversity until we see people want to make and sell blockchain-based tools for everyone.
According to him, the lack of diversity in the applicant pool and hiring does make it hard for the industry to grow.
Almost every job at a young, quickly changing crypto-startup requires you to wear many hats and work in many different fields." In my job, I use a lot of my legal and public policy and communication skills. Furthermore, cryptography requires that you be able to communicate with people from different cultures. People in the Koii community come from all over the world, including America, Russia, and China. It's because we need more people from different backgrounds to work for us, he said
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