Talent exodus from Wall street and big tech into crypto

Talent exodus from Wall street and big tech into crypto

Since 2021, when there increased the number of investments into web3 startups, the following tendency has become blindingly obvious: highly-qualified employees are migrating from the upper echelons of the corporate world into web 3.0. Apart from that, this tendency seems to be gaining momentum. According to Frank van Etten, chief investment officer at digital assets lender Celsius, the shift “is happening at a super-fast pace”. More importantly, the exodus will continue even at a higher pace, if the investments continue increasing.

Today we will try to find out why this “brain drain” from traditional finance operational companies and big tech is going on. What can the world of crypto give to a potential employer? As a matter of fact, there are three pull factors for this transition from Wall street and big tech into blockchain. These are money, innovation and purpose. So, let us dig deeper into this subject.

The pull factors

As we have already mentioned, the financial side is one of the most crucial factors of work change even for experts with 30 years of experience in their niche. The CEO of Permission.io Charlie Silver states: “Upside potential in Big Tech and big finance are very limited”. Nevertheless, each high-experienced expert or ambitious enthusiast is seeking for a higher post and higher wages.

And here newly flesh with cash crypto startups have far more to offer to a potential employee in terms of finance. Not only do they give the opportunity to earn much money, but also early employees are allowed to own a piece of the company, what is highly beneficial in long-range outlook. The co-founder and CEO of web3 recruitment company Blockchain Headhunter Michael Shlayen highlights that crypto startups “pay significant salaries and even more significant potential upsides in terms of tokens allocations”.

What seems to be clear is that companies in web3 offer comparable salaries, but higher potential upside. So, there is no need to climb a career ladder for 30 years to get a top position in the “traditional” company, since one can gain promotion or launch their own business in blockchain, provided they can boast about relevant knowledge, dedication to their job and great skills required in that field.

Nevertheless, a person in the 21st century is not as mercantile as they may seem to be. There must be some deeper motivation in the choice to change the careers. This motivation lies in being closer to groundbreaking innovations and elevated ideals. And this is the reason why the brightest minds in tech join in web3 and change the careers.

Ryan Wyat’s story can be a compelling example of it, since he has always been driven to do something creative and innovative. He made a decision to leave YouTube in order to work for a new gaming studio from Poligon, since it seemed somewhat “early” and “exciting”. A person can’t but be attracted to groundbreaking innovations in web 3.0, which claims to offer a decentralized internet built on the blockchain.

The skepticism behind career shift into web 3.0

It is a no-brainer that new ideas have always been accepted with a grain of salt in society. Crypto and blockchain are no exception to the rule. Web 3.0 is believed to be a loosely defined term, since it still remains highly theoretical, and the idea of decentralized internet can seem to be a far-fetched idea. For instance, Tesla CEO Elon Musk believes that web3 is no more than “a marketing buzzword”.

Anyway, the “brain drain” into web3 seems to be in full swing now, which gives a world of opportunities to both college graduates and highly-qualified experts. Nevertheless, nobody knows for sure if this career shift can work wonders for them. Meanwhile the world of blockchain appears to be quite welcoming and innovative, make the leap and try if you could perform well in a new role. The earlier you join the team, the more benefits you will get in the long-term outlook.