Some chase high salaries, some value freedom, while others hope to accompany the vision of changing the world.
Written by: Chandler, Foresight News
A company's recruitment can reveal the actual progress of its strategic execution while reflecting the changing trajectory of industry demand, thereby allowing for predictions of future market activity levels and development potential.
According to a report released by Tiger Research, after the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin spot ETF in January 2024, the number of recruitment positions in the global Web3 market began to increase significantly. As expectations for market recovery rise, recruitment activities have become relatively active.
In the first half of 2024, the number of Web3 recruitment positions increased by approximately 20% year-on-year, reflecting a significant rise in overall industry expectations compared to last year. The increase in recruitment positions mainly comes from crypto 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. Particularly, the number of recruits in Singapore grew by approximately 23% compared to the second half of 2023.
With the significant growth of recruitment demand in the crypto industry, the appeal of the Web3 field is gradually extending to senior executives in Web2, forming a new trend of cross-border senior talent influx. Senior managers from traditional internet giants are attracted to Web3, pouring into this vibrant field and bringing the mature experiences of Web2 into the innovative development of Web3.
For example, former Goldman Sachs Global Head of Asset and Wealth Management Strategy Peter Mintzberg joined Grayscale as CEO, Disney Parks, Experiences and Products Vice President of Global Product Management Dan Odell joined ConsenSys as Chief Financial Officer (CFO), Bitcoin mining company Hut 8 hired former Citi executive Sean Glennan as CFO, crypto custody firm Copper appointed 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, etc.
At the same time, there has been an increasing frequency of management personnel flow among top institutions within Web3, with a significant increase in the 'talent migration' of executives, deepening the liquidity and synergy of management teams in the crypto industry and further accelerating the competition and maturity of the Web3 industry. Binance has become a prominent 'talent magnet,' attracting executives from various companies and different backgrounds to join its team.
According to @_FORAB's statistics, in addition to OKX executives flowing to Binance, former CFO of Kraken, former OV venture capital investment manager, and CMC content creators are also flowing into Binance, further enriching Binance's management team.
Former executives of Binance are also continuously flowing to other platforms, such as Bitget, forming a multi-directional cross-talent migration network. For example, Bitget's Chief Legal Officer Hon Ng was the former head of policy and legal at Binance, and Chief Business Officer Min Lin was the former global director and development officer at Binance, etc.
This flow of elites and knowledge overlaps, driving the industry towards maturity faster, endowing the crypto industry with stronger adaptability and innovation.
What kind of attraction is hidden behind this wave of migration? What makes these top talents flock to the crypto industry? We hope to explore the characteristics of the crypto industry as an ideal destination for senior management talent, analyze the characteristics of crypto companies that can attract top talent, and reflect on the industry development trends and corporate attraction factors behind this cross-border talent migration.
What trees do good birds choose to roost in
The choice of top talents is like selecting a forest to roost in. Some chase high salaries, some value freedom, while others hope to accompany the vision of changing the world.
As the saying goes, 'Good birds choose the trees they roost in,' these 'good birds' flying into the crypto field will naturally not land casually.
According to Data.ai, the top three global decentralized exchange app downloads in October were Binance, OKX, and Bitget, with Binance reaching 4.06 million downloads, while OKX and Bitget had 2.2 million and 1.92 million downloads, respectively. Who is the truly appealing 'golden branch and silver leaf'?
In this competition for talent, what is the employment view of these major crypto companies?
Binance: Hardcore as core values
Hardcore: In the official release (How to be an excellent Binance employee?), Binance emphasizes 'hardcore' as core values.
Adaptability: A key characteristic of Binance employees is their ability to adapt to internal job rotations and respond to uncertainties while delivering the highest quality in fulfilling user trust.
Stress tolerance: Due to the fast pace of work and significant decision impacts, Binance employees need to work in high-pressure environments. If you cannot handle pressure, or if sustained high pressure negatively affects your job performance, then our work environment is not suitable for you.
OKX: Adhering to basic principles
Team First: Proposes a decentralized management concept to build a global team; under a decentralized structure, the collaboration model is simple, with clear work goals for each department and position.
Integrity as the foundation: The blockchain industry is close to money; only those who can withstand temptation and stick to doing the right thing can gain ultimate value recognition.
Self-driven: Given that the industry is in its early stages, only those who maintain genuine curiosity and an optimistic attitude towards the industry, and are willing to deeply understand the industry, can drive themselves further.
Bitget: Dual drive of result orientation and incentive laws
Result-oriented: Bitget emphasizes pragmatism and result orientation, 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 receive full authority and rewards.
Open communication: Management emphasizes open communication and addressing issues directly, encouraging team members to provide direct feedback and solve problems rather than choosing to avoid or escalate issues, achieving efficient and direct internal communication to promote the company's continuous development in a rapidly changing market.
Future Potential: Focus on candidates' adaptability and learning ability, creativity and forward-thinking, global perspective and collaboration skills, risk management and compliance thinking, as well as the spirit of teamwork.
In fact, apart from factors such as salary treatment, company culture, and career freedom, the platform's development momentum and its continuous breakthroughs in technology, products, and markets are rare sources of attraction.
Choosing a platform with strong momentum means having the opportunity to participate in more projects in a shorter time, face more challenges, and gain greater career growth space. And Bitget, with its rapid expansion and impressive market performance, is becoming one of the best habitats in the eyes of 'good birds'.
What has brought about the 'migration wave'
More than just a job
The S-curve principle is ubiquitous in the development process of any industry or technology. After reaching the limit point of the first curve, the market will show new directions for development and open up the growth of the second curve. The phase of brewing innovative technology is an extremely short but opportunity-rich window period.
From traditional financial giants to technological pioneers, many senior executives have left the familiar 'first curve' and turned to the early-stage 'second curve' innovation field of the crypto industry.
This wave of migration is not accidental; it is the best proof of trust and expectation for the crypto industry as a breakthrough path of the second curve.
Reconstruction of financial incentives
Of course, the appeal of the crypto industry is also reflected in high salary returns, but even more in innovative compensation design and strong value-added space.
The compensation structure of traditional companies mainly relies on fixed salaries and annual bonuses, which have limited growth potential. In contrast, the crypto industry 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 profits.
Dragonfly Capital conducted a survey of 49 crypto companies in 2023, most of which strongly considered adopting tokens, with only 14% of companies clearly stating they would never launch tokens. As funding amounts, stages, and scales increase, companies are more likely to plan and launch tokens.
The appeal of corporate culture
The uniqueness of corporate culture is one of the important factors driving the mobility of senior management talent. In the crypto industry, the differences in management styles among different platforms are significant, becoming an important symbol to attract talent.
In contrast, Binance tends to favor quick decision-making and high innovation, while Bitget's management style is deeply influenced by the founder's 'decisive and resolute' approach, forming a results-oriented corporate culture. Coinbase, on the other hand, places more emphasis on compliance and transparency, attracting managers of different styles.
Market fluctuations and talent redistribution
The volatility of the crypto market and the wave of layoffs have further exacerbated the mobility of executives in the industry. During market downturns, many companies choose to lay off staff to reduce costs, including many executives. For example, Binance.US laid off two-thirds of its staff in March due to the SEC lawsuit, Kraken laid off about 15% in October, and Consensys announced a 20% layoff due to macroeconomic pressures 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 often show stronger risk resistance and adaptability amidst market volatility, able to maintain stability during crises and seize new opportunities during industry restructuring, which also provides a more ideal working environment and development platform for executives seeking long-term growth.
This ticket to Web 3, will you follow along?
Overall, crypto companies are becoming an ideal destination for senior talents, a trend that stems from their rapidly growing market size and innovative technology, reflecting the unique appeal of the crypto industry in managing openness and incentive mechanisms.
For top talents, joining the crypto industry is not merely about 'boarding the Web3 ticket,' but requires a discerning eye to identify gems; this choice needs to be made after careful consideration. Senior talents need to possess profound strategic insight when making career decisions to identify companies with long-term strategies and execution capabilities, ensuring that their career development can achieve maximum long-term returns and stability in this emerging field.