Recruitment in a company can reveal the actual progress of its strategic execution, while also reflecting the changing trajectory of industry demands, thereby allowing for predictions about the future market's activity levels and development potential.
According to a report released by Tiger Research, recruitment positions in the global Web3 market began to significantly increase after the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin spot ETF in January 2024. With rising expectations for market recovery, recruitment activities became 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 primarily came from cryptocurrency ETF management companies and exchanges.
In the first half of the year, the Web3 recruitment positions in the Asian market were most active in Singapore, India, and Hong Kong. Notably, the number of recruitment in Singapore grew by about 23% compared to the second half of 2023.
As the demand for recruitment in the cryptocurrency industry significantly grows, the appeal of the Web3 sector is gradually extending to senior executives in Web2, forming a new trend of cross-border talent influx. Senior managers from traditional internet giants are attracted to Web3, increasingly engaging in this vibrant field, bringing mature experiences from Web2 into the innovative development of Web3.
For instance, former Global Head of Strategy for Asset and Wealth Management at Goldman Sachs, Peter Mintzberg, joined Grayscale as CEO; Dan Odell, former 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; cryptocurrency custodian Copper appointed former Goldman Sachs Managing Director Amar Kuchinad as CEO, replacing Dmitry Tokarev; and former Sony and BeInCrypto executive Vugar Usi Zade joined Bitget as Chief Operating Officer, among others.
At the same time, there is an increasing frequency of executive mobility among top institutions within Web3, with a significant rise in executive 'talent migration,' deepening the liquidity and synergy of management teams in the cryptocurrency industry and further accelerating the competition and maturity of the Web3 sector. Binance has become a prominent 'talent magnet,' attracting executives from various companies and different backgrounds to join its team.
According to statistics from @_FORAB, in addition to executives from OKX moving to Binance, former CFO of Kraken, former OV venture investment managers, and CMC content creators are also flowing into Binance, further enriching its management team.
Former executives from Binance are also continuously moving to other platforms, such as Bitget, creating a multi-directional cross-talent migration network. For example, currently, 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 head at Binance, among others.
This flow of elites and knowledge is mutually reinforcing, propelling the industry towards maturity more rapidly, endowing the cryptocurrency sector with stronger adaptability and innovativeness.
What kind of attraction is hidden behind this wave of migration? What drives these top talents to flock to the cryptocurrency industry? We hope to explore the characteristics that make the cryptocurrency industry an ideal destination for senior management talent, analyze the features of cryptocurrency companies that can attract top talent, and examine the industry development trends and factors of corporate appeal reflected by this cross-border talent migration.

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