Careers in Crypto: 5 Insights for 2024

1. Crypto Job Market is Hot

That headline might be an understatement. A recent Crypto Product Marketing Manager job posting on LinkedIn received over 500 applications in just five days.

As Web3 becomes more prevalent, there is an incredible increase in demand for roles in crypto and blockchain companies. As this demand continues to grow, there is also a positive trend as companies grow their teams. Crypto Jobs List, a job board, recorded nearly 600 new crypto and blockchain job postings in July 2024.

What’s causing the crazy job market? For many industry professionals (who have survived it), it can be a sprint after a long bear market and the excitement of getting the wheels rolling again as productivity and funding increase. The increasing adoption of crypto and blockchain also contributes to the increasing supply of people looking to get involved. As mentioned earlier, all the money that has flowed into the space after years of putting off investing in crypto following the FTX scandal has created an ideal opportunity for founders to hire the best talent they need.

2. Lack of Good Product and Marketing Talent

Crypto Twitter has openly called out the lack of real talent in its product and marketing departments.

Due to the lack of top talent in Web3, it is hard to find someone who is strategic and still wants to be a “doer”, running different campaigns and engaging directly with the community.

So how do we solve this problem?

— Min H. Kim 🇵🇷🇰🇷🌴🌲 (@Minittowinit) July 29, 2024

The challenge of product and marketing in a young industry is the lack of quality candidates who put in the time and prove their worth. There are many young and hungry people who are “making it” in this field, but how do we prove they can do the job if they can’t get to the next level in the first place?

There may also be a gap in technical skills due to the involvement of a large number of product and marketing experts from other industries, as companies prefer experience over technical knowledge.

Internal recruiting teams and founding teams are struggling to find reputable and trustworthy individuals who can fulfill the responsibilities of their roles.

Maybe there are competitions that can be held to prove innovation capabilities and strategies for product and marketing, but without a track record, how can you prove that it will be implemented in the long run? Hence, the vicious cycle and the reason why managers choose from other industries.

The story continues

3. The Effects of VC Funding on Hiring

Funds are flowing into crypto companies, and the data shows it. Crypto-focused VCs spent $2.01 billion in the first three months of 2024, far surpassing the $1.9 billion raised in all of 2023, according to PitchBook data.

This has directly led to an increase in hiring demand as companies look to achieve these goals and bring these products to market.

As funding continues to flow, we hope to continue hiring and in the meantime, we can all work to polish talent in the crypto market so we can get people where they need to go. Emotions and hopes are high for companies to deliver the products and services they promise and we need the manpower to achieve that.

4. Institutions That Create Digital Asset Teams

Most major financial institutions have established or are beginning to establish digital asset and blockchain departments. These teams have been quietly growing, but the overall timeline for institutional adoption appears further out, according to Coinbase’s Crypto Summit 2024.

But the largest financial institutions, such as Goldman Sachs, JPMorgan, the Swedish Central Bank, HSBC, State Street and Morgan Stanley, are also involved in the process.

Although full enterprise adoption is a long way off, growth is happening and we will see how this develops over the years; hopefully the supply of blockchain business opportunities will increase.

5. Finding Your Next Role in Crypto

The job market is tough right now. It’s crowded, people are scrambling for jobs, and companies are scouring the field for the right people.

Job seekers: Less is more. Focus on a few jobs that you are highly qualified for and passionate about. Tailor your resumes to the roles you are applying for. Make it easy for hiring managers to immediately see that you are a perfect fit for the opportunity.

Hiring managers: Invest in employer branding, make sure your marketing team is active on LinkedIn, and build relationships with recruiters who work with the best people in the industry. Jeff Bezos, Elon Musk, and Ben Horowitz have all emphasized the importance of hiring the best people. In markets like these, rely on experts to help you reach the right people.

Job seekers: Keep your head up and keep digging. In the meantime, work on your skills and personal development.

The job market is crazy, so cut yourself some slack. In this world of personalization, artificial intelligence, and people desperate for opportunity, it’s more important than ever. Lean on personal connections, reach out to The Crypto Recruiters for open positions, and build that personal brand.

Note: The opinions expressed in this column are those of the author and do not reflect the opinions of CoinDesk, Inc. or its owners and affiliates.