The Great Migration of Executives: How Can Crypto Companies Become an Ideal Habitat for Top Talent?

Original author: Chandler, Foresight News

A companys recruitment can reveal the actual progress of its strategic execution and reflect the changing trajectory of industry demand, thereby predicting future market activity and development potential.

According to a report released by Tiger Research, recruitment positions in the global Web3 market began to increase significantly after the U.S. Securities and 교환 Commission (SEC) approved the Bitcoin spot ETF in January 2024. As expectations for market recovery rise, recruitment activities have become relatively active.

In the first half of 2024, the number of Web3 job openings increased by about 20% year-on-year, reflecting a significant increase in overall industry expectations compared to last year. The increase in job openings mainly came from 암호화폐 ETF management companies and exchanges.

In the first half of the year, Web3 recruitment positions in the Asian market were most active in Singapore, India and Hong Kong. In particular, the number of recruitments in Singapore increased by about 23% compared with the second half of 2023.

With the significant growth in recruitment demand in the crypto industry, the appeal of the Web3 field has gradually extended to senior executives of Web2, forming a new trend of cross-border senior talents pouring in. Senior managers of traditional Internet giants are attracted by Web3 and have invested in this vibrant field, bringing the mature experience of Web2 into the innovative development of Web3.

For example, Peter Mintzberg, former head of global strategy for Goldman Sachs Asset and Wealth Management, joined Grayscale as CEO, Dan Odell, vice president of global product management for Disney Parks, Experiences and Products, joined ConsenSys as chief financial officer (CFO), Bitcoin mining company Hut 8 hired former Citigroup executive Sean Glennan as CFO, crypto custodian Copper hired former Goldman Sachs managing director Amar Kuchinad to replace Dmitry Tokarev as CEO, and former Sony and BeInCrypto executive Vugar Usi Zade joined Bitget as chief operating officer, and so on.

At the same time, the management turnover between top institutions has become increasingly frequent within Web3, and the talent migration of senior executives has increased significantly, which has continuously deepened the mobility and synergy of the management team in the crypto industry, further accelerating the competition and maturity of the Web3 industry. Binance has become a prominent talent magnet, attracting senior executives from multiple companies and different backgrounds to join its team.

According to @_FORABs statistics, in addition to OKX executives moving to Binance, the former Kraken CFO, the former OV venture capital investment manager, and CMC content creators are also flowing into Binance, further enriching Binances management team.

Former executives of Binance have also been constantly moving to other platforms, such as Bitget and other companies, forming a multi-directional cross-talent migration network. For example, Bitget’s current Chief Legal Officer Hon Ng was the former Binance Policy and Legal Director, and Chief Business Officer Min Lin was the former Binance Global Director and Development Director, etc.

This flow of elites and knowledge overlaps with each other, driving the industry towards maturity faster and giving the crypto industry greater adaptability and innovation.

What kind of attraction is hidden behind this migration trend? What makes these top talents flock to the crypto industry? We hope to explore in depth the characteristics of the crypto industry as an ideal destination for senior management talents, analyze the characteristics of crypto companies that can attract top talents, and the industry development trends and corporate attractiveness factors reflected behind this cross-border talent migration.

A wise bird chooses a tree to roost on

Choosing top talents is like choosing a forest to live in. Some pursue high salaries, some value freedom, and some hope to be part of a vision that changes the world.

As the saying goes, good birds choose the right trees to roost in, these good birds flying into the encryption field will naturally not settle down casually.

According to Data.ai data, the top three global centralized exchange applications in terms of downloads in October were Binance, OKX and Bitget. Binance had 4.06 million downloads, while OKX and Bitget had 2.2 million and 1.92 million downloads respectively. Who is the real golden branch and silver leaf that makes peoples hearts beat?

In this competition for talent, what are the employment perspectives of these major crypto companies?

Binance: Hardcore as a core value

• Hardcore: In the official article “How to Become a Good Binancian?”, Binance emphasizes “hardcore” as its core value.

• Adaptability: A key characteristic of Binance employees is the ability to adapt to internal job rotation, deal with uncertainty, and deliver on user expectations with the highest quality.

• Pressure tolerance: Due to the fast pace of work and the high impact of decision-making, Binance employees need to work in a high-pressure environment. If you cant handle pressure, or if continuous high pressure has a negative impact on your work performance, then our work environment is not suitable for you.

OKX: Stick to the basic rules

• Team first: Propose to build a global team with a decentralized management concept. The collaboration model is simple under the decentralized architecture, and each department and position has clear work goals.

• Integrity is the foundation: The blockchain industry is very close to money. Only by resisting temptation and insisting on doing the right thing can you gain ultimate value recognition.

• Self-drive: Given that the industry is in its early stages, only those who are truly curious and optimistic about the industry and willing to gain a deeper understanding of the industry can drive themselves to go further.

Bitget: Dual drive of result orientation and incentive law

• Results-oriented: Bitget emphasizes pragmatism and results-orientedness, focusing on candidates who can bring substantial results to the company. At the same time, the company advocates decentralization to ensure that employees with results can be fully authorized and rewarded.

• Frank communication: Management emphasizes frank communication and facing problems directly, and encourages team members to directly provide feedback and solve problems instead of avoiding or escalating them, so as to achieve efficient and direct internal communication and promote the companys sustainable development in a rapidly changing market.

• Future Potential: Focus on the candidates adaptability and learning ability, innovation and forward-looking thinking, global vision and collaboration ability, risk management and compliance thinking, and teamwork spirit.

In fact, in addition to factors such as salary, corporate culture and career freedom, the platforms development momentum and its continuous breakthroughs in technology, products and markets are a rare source of attraction.

Choosing a platform with strong momentum means having the opportunity to participate in more projects in a shorter period of time, meet more challenges, and gain greater space for career growth. Bitget, with its rapid expansion and impressive market performance, has become one of the best habitats in the eyes of good birds.

What caused the migration wave

More than just a job

In the development of any industry or technology, the S-curve law is everywhere. After reaching the limit of the first curve, the market will have a new development direction and start the second growth curve. The stage of incubation of innovative technology is an extremely short window period with endless opportunities.

From traditional financial giants to technology pioneers, many senior managers have left the familiar first curve and turned to the second curve innovation field of the crypto industry, which is still in its early stages.

This migration wave is not accidental. It is the best proof of the trust and expectation in the crypto industry as a breakthrough path for the second curve.

Restructuring financial incentives

Of course, the attractiveness of the crypto industry is also reflected in the high salary returns, but more importantly, it lies in innovative salary design and strong value-added space.

The salary structure of traditional companies is mainly based on fixed salary and annual bonus, with limited growth potential. The crypto industry, on the other hand, deeply binds the personal interests of executives with the long-term development of the company through options, token incentives and long-term dividends based on platform revenue.

Dragonfly Capital conducted a survey of 49 crypto companies in 2023, most of which strongly considered adopting tokens, and only 14% of the companies explicitly stated that they would never launch tokens. As the amount of financing, stage and scale increased, companies were more likely to plan and launch tokens.

The appeal of corporate culture

The uniqueness of corporate culture is one of the important factors that drive the flow of senior management talent. In the crypto industry, the management styles of different platforms vary significantly, becoming an important sign to attract talent.

In contrast, Binance prefers quick decision-making and high innovation, and Bitgets management style is deeply influenced by the founders vigorous and decisive approach, forming a result-oriented corporate culture. Coinbase pays more attention to compliance and transparency, attracting managers of different styles.

시장 Fluctuations and Talent Reallocation

The volatility of the crypto market and the wave of layoffs have further exacerbated the mobility of industry executives. During the market downturn, in order to cut costs, many companies chose to lay off employees, including the departure of a large number of executives. For example, Binance.US laid off two-thirds of its employees in March due to SEC litigation, Kraken laid off about 15% of its employees in October, and Consensys announced a 20% layoff due to macroeconomic pressure and increased legal costs. In such an environment, some high-end talents choose to turn to platforms with greater development potential.

High-quality crypto companies typically demonstrate greater risk resistance and adaptability in market fluctuations, are able to remain stable during crises, and seize new opportunities during industry restructuring. This also provides a more ideal working environment and development platform for executives seeking long-term development.

Will you take this ticket to Web 3?

In general, crypto companies are becoming an ideal destination for senior talents. This trend stems from their rapidly growing market size and innovative technology, and also reflects the unique appeal of the crypto industry in terms of management openness and incentive mechanisms.

For top talents, joining the crypto industry is not just about getting on the Web3 boat, but also requires a keen eye for talent, and this choice needs to be carefully considered. When making career decisions, senior talents need to have a deep strategic vision to identify companies with long-term strategies and execution capabilities to ensure that their career development can maximize long-term returns and stability in this emerging field.

This article is sourced from the internet: The Great Migration of Executives: How Can Crypto Companies Become an Ideal Habitat for Top Talent?

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