Coinbase may be shifting its focus away from trading digital asset securities, but this doesn't mean crypto jobs elsewhere are shrinking. Recruitment firm Selby Jennings says 16% of all the quant finance jobs it's filled this year have been in the crypto space and that crypto jobs are growing fast. - 46% of the hedge funds it's working with are thinking of adding digital asset exposure.
We wrote about some big hirers in crypto back in April. Since then, funds like Brevan Howard have gone deeper into crypto and crypto firms have continued poaching from banks and hedge funds. - Crypto broker B2BC hired ex-Citadel Securities global COO of fixed income trading in July for example, and some ex-Credit Suisse traders came out as bitcoin billionaires in May.
Selby Jennings says the people who get jobs in crypto tend to have a few things in common. 36% of its crypto placements in quant finance have a PhD, and 64% have a Master's Degree. Their main point of commonality, though, is coding: 82% of the candidates going into crypto can code, typically in either C++ or Python.
If you're a trader who wants to move into the crypto space, Selby Jennings' consultant Matt Healey says it will help to have applied crypto experience, but given the shortage of people fitting this description, it's not a necessity. "We're seeing more and more firms hiring traders with experience trading other liquid products – FX, equities, etc., assuming their strategies are applicable to the crypto space," says Healey. "Many firms are hiring traditional quant traders and helping train them to get started in the crypto space, rather than facing bidding wars for crypto experience."
Selby Jennings says traders in crypto firms are being offered base salaries of $150k-$200k plus bonuses. Top developers have been offered salaries from $200k to $250k. Bonuses take the form of PnL sharing, equity, or cash. There's no mention of being paid in crypto but presumably this happens.
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