Crypto compensation in the digital asset industry is undergoing a major transformation, as revealed by a comprehensive survey conducted by crypto fund Pantera Capital.
The report paints a picture of a predominantly remote workforce, with a staggering 87% of digital asset professionals opting for remote roles. However, what stands out is that a mere 3% of these professionals receive their compensation in cryptocurrency.
Remote Work Dominates The Crypto Sector
In a world rapidly embracing the remote work revolution, the crypto sector is no exception. Pantera Capital’s 2023 compensation report reveals that a significant 87% of crypto industry roles are conducted from the comfort of employees’ homes. This remote work trend is particularly interesting given the inherently digital and decentralized nature of cryptocurrencies.
Despite the decentralized ethos, the majority of crypto professionals still prefer to be paid in traditional fiat currency, rather than digital assets. This finding challenges the perception that those working in the crypto industry would be at the forefront of using cryptocurrencies for everyday financial transactions.
Dollars Over Crypto: A Preference For Stablecoins
Of the few crypto professionals who do accept cryptocurrency as part of their compensation package, the vast majority opt for stability. Pantera’s survey found that 87% of these individuals choose dollar-linked stablecoins such as USDC and USDT. This preference for stablecoins suggests that, even within the crypto industry, the allure of price stability remains paramount.
Bitcoin (BTC), the flagship cryptocurrency, lags behind in popularity as a compensation choice, with only 13% of those receiving crypto salaries choosing BTC. This might reflect concerns about Bitcoin’s price volatility or its evolving role within the crypto ecosystem.
Total crypto market cap hits the $1.03 trillion level on the daily chart: TradingView.com
Challenges For Blockchain Engineers Amidst The Bear Market
Pantera Capital’s report also reveals a noteworthy trend in the hiring practices of crypto companies. The report indicates that companies are placing a premium on experience and expertise, favoring candidates with more years in the industry. This shift in hiring preferences is reflected in the data, which shows mid-level salaries beginning to decline compared to the previous year.
The report suggests that the ongoing bear market in the crypto sector may be contributing to this trend, as companies seek to minimize risks by relying on experienced professionals like software engineers. This could lead to increased competition among those entering the industry, with newcomers facing more hurdles to secure positions with competitive compensation packages.
Pantera’s comprehensive compensation report provides valuable insights into the evolving dynamics of the crypto industry. While remote work has become the norm, the preference for fiat currency over digital assets, especially stablecoins, challenges assumptions about the widespread adoption of cryptocurrencies among industry professionals.
Additionally, the focus on experience in hiring practices highlights the ongoing maturation of the crypto sector as it navigates the complexities of fluctuating markets.
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