Major players in the crypto world are hiring. Yes, they’re hiring ex-traders and equity derivative structurers, but crypto tokens and blockchains are code-based products, and the number one requirement for crypto firms is technology people.
At a crypto conference in Lisbon last month, the shortage of crypto developers was the main topic of conversation according to Chris Aruliah, chief product officer at BCB Group, a crypto banking, payments and trading firm. BCB alone is looking at “doubling or tripling” the size of its technology team in the next year, said Aruliah, but it won’t be easy. – Everyone’s chasing the same talent.
As hiring ramps up, pay for developers and data scientists in the crypto sector is increasing. The chart below shows certified salaries offered by leading crypto firms to individuals hired on H1B visas in the U.S. in 2021.
Coinbase in particular is hiring, and offers compensation at the top of the market. The crypto exchange, which has a reputation for working its people long hours attempted to pay one senior software engineer on an H1B visa $1.7m earlier this year, but the application was refused. Senior engineering managers at Coinbase in San Francisco are nonetheless routinely paid in excess of $270k and engineering managers routinely receive $180k-$230k, and mere software engineers are on $130k. Bonuses and stock will paid in addition to this.
Rob Lycett, a crypto technology headhunter, said demand for “all developers” across “all digital assets” has increased. “It’s every tech stack, every discipline,” he added.
Coinbase alone currently has over 130 engineering roles open globally. Its senior software engineer hires this year have been drawn from the likes of Google, Bridgewater, and Uber.
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