The last bull market saw Coinbase, BlockFi, Robinhood, and others cut crypto jobs to remain well-capitalized. The previous bull market unnecessarily bloated staff numbers, increasing costs, but the recent drive for overseas expansion could increase demand for compliance staff.
The crypto market is now on the cusp of what is widely expected to be the next bull market. Will crypto companies go on another hiring spree or proceed more cautiously?
Robinhood Could Target Compliance Amid Expansion
Robinhood Markets, a US brokerage offering crypto, broke out encouraging numbers for November despite a depressed crypto earnings report for the year. The company cut 150 staff in the doldrums of the bear market in June 2023.
However, it launched crypto trading in Europe on Thursday to take advantage of Europe’s “comprehensive policies for crypto asset regulation.” According to its crypto head, Johann Kerbrat, the European launch will anchor the company’s foreign expansion. The brokerage plans to expand into the UK in 2024.
Part and parcel of European and UK launches will be needed to increase compliance efforts. Crypto businesses in the European Union have until the second half of 2024 to comply with the new Markets in Crypto-Assets legislation requirements.
A UK launch is also a non-trivial feat, considering how traditional exchanges have found some of the requirements of the Financial Conduct Authority untenable. Only a few companies can release authorized crypto promotions, giving a UK expansion expensive upfront costs. This stipulation means that the company will have to pay highly skilled employees expensive salaries or outsource the work to a few niche companies authorized to do so.
State of Crypto Jobs and Salaries
According to CryptoJobsList, crypto compliance staff earn an average of $103,000 annually. The top 10% earn about $170,000 per year. Robinhood’s listing on ZipRecruiter in May offered an incoming Chief Information Security Officer (CISO) a crypto salary between $217,000 and $327,000.
Coinbase also lists several compliance-related jobs on its website but does not reveal salaries, revealing a growing need for staff with such skills. The exchange recently announced Germany as its new talent hub after being impressed by the depth of the developer talent pool.
The average crypto developer salary of $146,250 is not far off from the executive level. More experienced developers can net up to $185,250 per annum.
Salaries also differ depending on which programming language the developer is an expert in. Developers have become hot property in Portugal, where a friendly crypto taxation scheme and progressive laws are draining talent from crypto hubs like San Francisco and New York.
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