In Brief:
- To attract crypto talent, financial firms are providing substantial bonuses.
- Revelio Labs found 287 crypto-related hires at Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase.
- Compared to peers at the same tier, a crypto-related role received a 20%-30% pay increase.
Banks and financial firms in the U.S. have been offering massive pay raises to attract new talent from the crypto industry.
Workforce intelligence company, Revelio Labs, revealed in a report that top U.S. banks and financial institutions have filled over 1,000 positions for crypto specialists in the last three years.
When compared to peers at the same level, a crypto-related role received a 20%-30% pay increase, says the report.
According to Revelio, many senior crypto roles benefit from a salary increase of up to 50%. The report also stated that crypto specialists earn an average of 9% more than their banking counterparts.
Among the companies that have made crypto hires, Goldman Sachs, Fidelity, JPMorgan Chase, and Wells Fargo are the four largest employers of cryptocurrency talent on the professional social networking site LinkedIn.
Goldman Sachs hired 82 cryptocurrency experts, Wells Fargo with 74, Fidelity hired 68, and JPMorgan with a total of 63 as per the report.
Earlier this month, the U.S. Bank started offering bitcoin custody services. The service will assist investment managers in the storage of private keys for bitcoin, bitcoin cash, and litecoin.
