There is currently an acute shortage of employees at crypto trading and exchange platforms. The shortage has become so serious that the exchange not only requires additional hands but also they are in great need of hiring people with specific mindsets and skills. This is so because the competition has gone to a totally different level because more and more fintech companies are becoming part of the crypto industry. For the time being, there are hundreds of positions that are waiting to be filled at several world’s leading crypto exchanges.
Although there are thousands of posts lying vacant at crypto trading and exchange platforms, yet they have no one to put there. The shortage has been created because, for the past two years, the crypto industry is thriving continuously. Subsequently, with the growth of the crypto industry, exchanges are required to expand their trading arms and expansion requires additional hands.
For example, currently, Binance, the world’s leading brand in the field of crypto trading, is looking for hiring fresh minds. However, the firm has been facing difficulties because it not only requires to fill the position but also wants to ensure that it hires specific persons. Binance has said that the competition in the crypto industry has increased because a great number of fintech companies are becoming part of it. So there is a dire need that the firm engages those people who are professionals and has specific skills.
Currently, there are about 300 open slots available with Binance waiting to be filled. In the meanwhile, the competition is beefing up immensely between exchanges and banking institutions. This is creating more difficulties for exchanges as they are forced to hire experienced and skilled manpower.
Binance’s CEO, Changpeng Zhao too pointed out the problem when he was recording an interview with Bloomberg. He stated that the good thing is that the crypto industry is growing. But the bad thing about this continuous growth is that exchange cannot compromise on the manpower. They have been forced to hire specific people with specific mindsets if exchanges want to run into the competition. There is a continuous requirement of expansion as well as the need of hiring extra manpower, said Zhao.
A Malaysian crypto exchange is facing the same problem for a very long time. It wants to fill up some key posts but there is apparently a shortage of skilled staff in the market. Most of the skilled staff had been hired by financial institutions that are trying to provide for crypto trading. Resultantly, it has been over a year that the Malaysian exchange had been unable to hire employees on the key posts.
Meanwhile, Coinbase is also expanding its crypto trading arms in various parts of the world. It has been allowed recently to open branch offices in Germany and Japan. Yet, the firm is concerned whether it would be able to get the persons it wanted. Otherwise, it will have to depute foreign employees in a foreign country which would increase the firm’s costs and expenses.