During Bitcoin Amsterdam, CryptoSlate coin metro exchangeCEO Kevin Murcko discusses a variety of topics including macro outlook, dollar strength and upcoming regulation.
Of particular interest, however, is Murko’s industry insight into the extraordinary hiring dynamics between TradFi and cryptocurrencies that few could have predicted years ago.
TradFi already plays a big role in crypto
Most people are familiar with the concept of legacy workers moving to crypto in search of better opportunities.
Setting the scene, Coinmetro’s CEO described a typical career path starting from a small legacy company and working his way up to the enterprise level. But once you get there, “it’s fucking and a cog on the wheel.” Many people find themselves wanting to leave in search of better job satisfaction.
Murko said he initially felt like an outsider when he attended his first cryptocurrency meetup in 2011, explaining the fundamental differences between TradFi and cryptocurrencies. .
“The first time I went to a meetup was in 2011 and it was in Mexico City. I remember when I was there, and even then I thought this was amazing.”
Compare this to TradFi. Murko added that he didn’t see a meetup where people talk about stocks, at least not at the time.This implies a lack of passion and belief in the field
Murco found the situation all the more surprising given that Mexico City is not known as a financial literacy center. Still, the meetup attracted hundreds of people with the intention of advancing the cryptocurrency agenda at the grassroots level.
Nearly a decade later, cryptocurrencies are no longer in the shadows and are becoming more accepted as a legitimate industry. Due to the ripple effect, TradFi employees are no longer afraid to switch to cryptocurrencies for fear that their careers will be ruined and irreversible.
But Coinmetro’s CEO, far from being ousted, said that as TradFi companies are quietly entering the crypto space, they need staff with industry experience in both sectors, and displaced workers are forced to return to legacy firms. I said I welcome you to come.
“One, I don’t think they care if they ruin their careers, and the second is that these companies, whether they profess to They are accepted because they are trying to get involved.”
Job market is wide open
For workers who switched to cryptocurrencies after starting at TradFi, the combined experience in the sector means salaries will “explode,” Murcko said.
“We are paying programmers five times more now than we were five or six years ago. Salaries for those entering crypto and returning to traditional finance will explode.”
He likens the situation to the dominance of multilingual workers in the job market, stating that even if skilled linguists are not qualified for a particular role, they stand out “because they need you.” I was.
“It’s like speaking another language. If you speak Spanish, Chinese or Indonesian, you can get a job without any experience. They need you.” .”
A consequence of understanding the cryptocurrency market is that TradFi returnees will earn three to four times more salaries if they were in similar roles that they left a few years ago, Murcko said. says.
the dark side is inevitable
Returning to TradFi companies entering the crypto space in silence, Murcko visited the offices of Dutch financial services group ING in 2018 and took note of the entire floor dedicated to cryptocurrency research and development.
At the time, ING was publicly against cryptocurrencies, but everyone on its floor was involved with digital assets in one way or another.
“I was here in the Netherlands in 2018 at ING’s office and there was a whole floor there. , it was all virtual currency.”
Given that banks often move in lockstep, Murcko said the same thing is happening with all big banks, even if they publicly support their anti-crypto stance. I’m guessing.
However, Coinmetro’s CEO pointed out that banks are not necessarily doing this to advance technology or for altruistic reasons. Rather, I fear being left behind if cryptocurrencies rise.
“If there are options that are legitimate options, and they have no control over that, which means they are not making money from those money movements, and they are not actually making it in any way, form, or It can’t even be used in form…they lose.”
Given the difference in resources between the legacy and cryptocurrency sectors, Murcko embraced the idea that acquisitions would inevitably occur, stating that “traditional finance takes what they love and eats it. The question is what remains and whether there are still options.”