Talent From Big Tech Firms Heading To Crypto?

Talent From Big Tech Firms Heading To Crypto?

Mar 15, 2022 · 3 min read · cat

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As the Web3 movement advocates reorganizing the internet in such a way that online services are shifted to decentralized technologies such as blockchain, crypto-based companies are luring top tech people away from giant tech organizations with the promise of working on the next “big thing” in tech — Web3.

There’s a lot of demand to onboard talents from Web 2 talent into Web 3 going at the moment, and talents are being shifted into web 3 day in day out with a promise of a massive pay as salary. Web3’s excitement has drawn some of the industry’s best thinkers, and the examples to show this is not far fetched.

Ryan Wyatt left YouTube some weeks ago to join Polygon’s new gaming team. He had joined the Google-owned video site some years ago to spearhead a drive into video game content to compete more aggressively with Amazon’s Twitch platform.

Sherice Torres, the former chief marketing officer of Facebook’s crypto and payments company, is among the Silicon Valley elite who has jumped ship to crypto; Circle hired her recently. Pravjit Tiwana, a former Amazon cloud executive, has joined cryptocurrency exchange Gemini as its chief technology officer.

Novi’s former CEO, David Marcus, left late last year. Marcus has been praising Web3 on Twitter, despite having yet to reveal his next step. But calculating with his recent tweets on Twitter glorifying web 3, it could be easily be said that there is a high probability that he is going into web 3. And so on and so forth.

What is attracting these talents?

A primary factor and reason that is luring people from big tech firms to Web3 is nothing but simply- money. The money in web 3 is huge as compared to the money in web 2. Let’s take, for instance, crypto exchange Coinbase pays software engineers up to $900,000 per year.

Crypto companies have seen a rise in investment, which means they have a lot more money to spend on attractive compensation packages for major employees. Blockchain startups have raised several billions of dollars in venture financing last year and this year.

Another factor that lures the giant tech talents is the tokenization stock option, which allows employees to own a portion of the company by allocating some tokens to them. With private crypto company valuations skyrocketing, early employees may be in line for a large reward if the company is acquired or goes public.

What does this mean for the crypto market?

Investing in cryptocurrencies entails accepting risks, but one of them should not be getting duped. The recent flurry of interest in cryptocurrencies has piqued the interest of a wide range of investors, but it has also piqued the interest of scammers. Many have been skeptical about investing in crypto owing to the recurring rug pulls and some billions of dollars stolen by scammers hitting the news now and then.

Another factor making people skeptical about crypto is the media and bank campaign against crypto that it is a new model of Ponzi scheme and a bubble-like fad that will soon collapse.

With the giant tech web 3.0 talents transiting into web 3, crypto adoption will surely soar up. The main reason that will lead to the increase in crypto adoption is that people already have some elements of trust in the web 2 talents, for them to transit into web 3 is a signal and speaks volume of the uniqueness of web 3, which will utmostly convince people to adopt blockchain technology, crypto and web 3.

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