Blockchain Press Releases
Bitget Report Reveals 33% of Crypto Job Applicants Come From Banking
VICTORIA, Seychelles, Jan. 25, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, released a comprehensive report revealing that one-third of crypto job applicants are former employees of the banking and financial sectors. The report also provides invaluable insights into the impact of decentralized technologies on banks in 2023 and analyzes how remote work and digitalization have influenced the financial job market.
Key takeaways:
– 33% of the exchange job applicants previously worked in banking;
– Investments in blockchain retail banking will reach $40.4 billion by 2031;
– 50% reduction of revenues of banks resulted in over 70,000 job cuts between 2020-2023;
– 36% of blockchain-related posted roles were remote-based, double the global average of 16%
– Salaries in crypto startups are almost double those of banking comparable positions;
– 23% of candidates apply for KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.
The report delves into some major events that have driven the adoption of blockchain in traditional banking in 2023, including the launch of development initiatives aimed at decentralized technology adoption by such giants as HSBC, JPMorgan Chase, Citi Group, and others. Predictions state that the impact of blockchain in retail banking will achieve a milestone of $40.4 billion by 2031, a CAGR growth of 40.4%, with banking spending on blockchain estimated to reach $22.5 billion between 2025 and 2026.
The main section of the report is dedicated to the trends in recruitment in the blockchain industry, emphasizing that talents from the financial sector are migrating into the domain of cryptocurrencies in search of opportunities, attracted by higher salaries and innovation prospects. The result is a brain-drain from traditional banking, driving reevaluation of hiring approaches and compensation offers on the part of the latter.
The statistics presented in the report showcase that the UK alone experienced a 46% increase in technology-related vacancies in 2020 – one-third of all jobs advertised in the country. The case is best described by Goldman Sachs, where 30% of employees are software engineers.
The reduction in revenues by investment banks by over 50% year-over-year has resulted in layoffs, leading to a migration of talents. The reorganizations of such banks as Morgan Stanley, BlackRock, Goldman Sachs, and others, alone have led to over 50,000 job cuts since 2020. Another 20,000 jobs were cut by five major banks in 2023.
The shift towards technology-focused jobs on the part of younger employees is also revealed to be a major factor, further eroding the workforce of banks. The outflow was somewhat balanced by the hi-tech industry, where companies like Coinbase, Amazon, Alphabet, Microsoft, and others hired from 20 to 200 employees. The crypto sector led the hiring spree, with Coinbase attracting 197 talents, and Amber Group – 250. Such dynamics remain, despite the FTX crisis in 2022, which saw over 2,000 job losses in the sector.
Regarding compensation, the report states that banks have reduced overall salaries due to remote working conditions and digitization, while the crypto industry offered competitively higher salaries for remote employees. In 2022, 36% of blockchain-related posted roles were remote-based, double the estimated worldwide average of 16%. As for salaries, junior engineers at crypto startups in London can expect to get beginning wages of around $125,000 with incentives, compared to $87,810 investment banks offer for similar positions. The difference is cardinal in the case of banks, where salaries average at $54,000, while crypto firms offer around $115,667.
The Bitget report also draws on resume counts to highlight the outflow of banking employees, stating that the yearly count of resumes associated with banking surged from 880 to 1,440 in 2 years, a 113% increase in 2022, and 143% in 2023. This means that in 2023, 33% of all resumes originated from the banking industry. As for interest from professionals outside the crypto market, the 180% rise was almost doubled to 330% over 2 years.
Middle and senior positions in investment relations, business development and sales, KYC and compliance, data analytics, product design, project management, and backend engineering, are among the most commonly encountered. 23% of candidates applied for roles such as KYC Manager, Compliance Associate, Senior Compliance Associate, and AML Analyst.
Factors, such as high salaries, industry prestige, growth opportunities, and flexibility are stated as the main reasons for employee migration to the crypto industry. Banks are responding slowly, with 74% of CFOs surveyed by Deloitte stating that they plan to shift previously on-premise workers to remote positions.
Gracy Chen, Managing Director of Bitget, stated, “Bitget’s latest report sheds light on the remarkable transformation occurring in the financial job market, as crypto gains momentum and decentralization reshapes traditional banking. The data indicates a significant shift, with talents from the banking sector migrating towards cryptocurrency, drawn by the promise of higher salaries and innovation prospects. Such a shift may lead to increased mergers and acquisitions in both markets, impacting job reductions and transforming the labor market. As the crypto industry continues to thrive, we remain committed to providing valuable insights that empower professionals and market participants in navigating these evolving landscapes,”
Bitget releases regular studies on a wide range of topics that encompass its markets of operation and global trends that influence the development of the decentralized economy. The reports provide invaluable information to both professionals and market participants seeking insights into potential future changes in industries and opportunities for development.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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Blockchain Press Releases
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.
Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.
Purpose, Innovation, and Partnerships
Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.
Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.
Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:
- The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.
- On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.
- The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.
Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.
Deepening Bonds: Key Web3 Ecosystems and Communities
Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.
These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.
“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.
“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.
In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
Media Contact
BlocksBridge Consulting
[email protected]
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