Cryptocurrency Firms Face Talent Shortage as Space Grows At Alarming Rate

Cryptocurrency companies and exchanges are currently facing significant hurdles when recruiting talent. This is because the crypto space is growing at an alarming rate.

Cryptocurrency companies are struggling to get adequate talent for thousands of available job openings, and companies are fighting for the attention of potential employees left and right. Binance, one of the biggest exchanges in the world, is not out of this equation.

There are more than 300 spots available at the booming exchange, but there are few people to fill them. What’s even worse, exchanges and startups are now fighting with banking institutions entering the space for access to this talent. This makes it even harder for a new company to scoop up qualified new hires.

Changpeng Zhao talked with Bloomberg about the issue, stating this problem affected them as well. CZ stated: “We see the industry growing exponentially on a year-to-year basis, and we need to scale our team to cope with it. We don’t mind where people are, as long as they produce results.”

Getting remote workers has been the answer for many cryptocurrency firms that are facing this predicament. Expanding their borders allows them to find skilled workers in other latitudes.

Coingecko, the well-known cryptocurrency price platform, took this path. Located in Malaysia, the company has not been able to fill some important roles and is now accepting applications from global workers. Bobby Ong, Coingecko’s CEO, stated: “In the past year, we have tried to hire for more roles but we realized that it is increasingly harder to tap on the smaller talent pool here in Malaysia.”

Coinbase also switched to a remote-first work model last year due to the coronavirus outbreak. But unknowingly, this also opened a new job market for them. However, even after going global, companies are still not getting the talent they need.

This has made some companies lower their requirements to fill needed positions. Neil Dundon, the founder of the recruitment agency Crypto Recruit, stated: “In terms of length of experience, one or two years is good enough these days. The skills shortage is so bad at the moment that companies are casting a wider net.”