Bermuda Post

Thursday, Nov 30, 2023

How leading crypto investment firms are attracting top banking talent

How leading crypto investment firms are attracting top banking talent

The financial sector once had its pick of raw talent. Now, crypto firms are leading the way post-COVID in attracting the best financial minds.

The race to attract and retain top talent is well and truly on in the world of finance.

Offering the right packages to the technologists of the world was always a tall order when trying to retain the top workers. It seems that this is proving the case for leading traders and associates now too.

As with all industries, a few key players at the very top of the leaderboard tend to swipe the bulk of the talent.

A little over a decade ago, banking and finance were the go-to industries if you were hunting for a stable salary, attractive conditions, and a great working environment.

However, much has changed in the world of finance in the interim, and decentralised finance, or DeFi, technology has, alongside cryptocurrencies, forced the banks to grapple to remain the leaders of the financial world.

Since 2014, crypto investment firms have been embracing and attracting top talent from numerous industries. This could spell trouble for traditional banks trying to attract young talent, as the workforce embraces crypto and DeFi protocols to get involved in perhaps more complicated but more innovative projects and firms.

An unmissable opportunity

Christopher Perkins, President of Coinfund, was a US marine for nine years before building the leading derivatives business at Lehman brothers at the epicentre of the global financial crash.

After taking on a new challenge at Citigroup as global co-head of Futures, Clearing and Foreign Exchange, Perkins was at the top of his game with over 700 direct and indirect reports.

That was the exact time when he decided to walk away.

"I walked away at the top of my game because I couldn’t ignore the opportunity I was seeing. I started looking at blockchain in 2015," he said.

"I watched and studied, doing my due diligence. I started touching, feeling, and tasting the technology. It made me start to think.

"Then you realise that you have to unlearn and rethink. If we are intellectually honest with ourselves the global financial crisis was caused by a concentration of risk into a handful of players".

In his new position, Perkins is scaling up CoinFund’s reputation as a leading digital and traditional asset financial firm. He feels that a broad range of people from all backgrounds is needed for the space to thrive.

"Diversity is needed in this space. You need many different disciplines," he added. "If you have the same type of people, you achieve the same outcomes every time".

Employees see their future in digital

The fight to secure talent or lure skillful candidates into crypto firms may have been difficult in the past but in the age of digital-first financial services, it is luring talent into the sector.

With over 68 million active blockchain wallet addresses and a fully-fledged ecosystem and layers of new funds and financial services to offer clients, it has become a no-brainer for all those who dive headfirst into the trading world, or love getting involved in the design and build of financial products and learning new technical skills.

After doing his due diligence and speaking with some of the world's largest asset managers, Haydn Hammond, Sales Director at Invictus Capital, knew that he could create a bridge between banking and crypto.

Crypto firms were remote-first even before the COVID pandemic hit.

"Most of my clients wanted a trusted advisor in the space," he said. "I had already built up a solid investment portfolio with a calculated risk approach. The crypto industry moves at an incredible pace and I am learning so much".

Rather than lamenting the past, organisations must think creatively about employee needs for the future.

"In the last two years, we have seen a great shift in demand for the roles we are seeking candidates for. Traditional investment analysts see the opportunities that exist in crypto and naturally want a slice of the action," said Hammond.

Crypto firms offer flexibility

Fast-paced, diverse, and challenging may seem daunting to some but to others it offers the chance to learn quickly and tap into different skill sets for varied projects.

"I am a builder, I love building," Perkins noted. "Understanding risk management and making really quick, decisive actions are a core part of what I know how to do".

It can also be said that crypto firms have been leading advocates of the hybrid workforce. Even before COVID-19 forced executives to work remotely, companies had begun to adopt the hybrid model of work with increased flexibility for employees.

"We are no longer restrained by physical office space. The digital world has given us the freedom to work from anywhere and in any time zone. The new perks to attract talent will revolve around flexibility, virtual team building events, and employee empowerment," said Hammond.

It could be said that crypto matured in the remote working world so it has had advanced time to ensure productivity levels remain high.

It has also played a large part in inviting executives to consider their options and look at ways in which working from home can be flexible. In contrast, oftentimes within the banking sector employees are restrained by traditional working codes of conduct: a 9 am start, an hour for lunch, 15 minutes for coffee.

For modern companies today, these rules no longer apply. This lack of regimented structure for work isn't for everyone but a flexible approach does seem to be part of the future and most forward-looking companies have embraced this shift in employee needs.

Not only is the industry a remote-first sector, many of the founders, employees, and organisations working within the industry have never worked in the corporate office pre-COVID-19.

Unaware of the nuances that existed, rules that applied to lunch breaks or office attire, the world of decentralised finance offers more freedom in time, style and location.

Having access to a skilled labour force is key to remaining on top within any industry so there is a battle for who can attract and retain the best performers.

Having jumped with two feet into the space, Perkins admits he wishes he did it earlier.

The overarching trend appears to be that as long as crypto firms embrace the new world of decentralised finance, with all of the disruption and opportunities it brings to the table, then they will continue to attract interest from leaders in the traditional banking sector.


Related Articles

Bermuda Post
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin