Cryptocurrency compensation in the digital asset industry is undergoing a major shift, according to a comprehensive survey conducted by cryptocurrency fund Pantera Capital.
The report paints a picture of a predominantly remote workforce, with a staggering 87% of digital asset professionals choosing remote roles. However, it is worth noting that only 3% of these professionals are paid in cryptocurrency.
Remote work dominates crypto industry
In a world that is rapidly embracing the remote work revolution, the crypto industry is no exception. Pantera Capital’s 2023 Salary Report shows that 87% of jobs in the cryptocurrency industry 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 decentralization ethos, most crypto professionals still Prefer to pay in traditional fiat currency, rather than digital assets. This finding challenges the perception that those working in the cryptocurrency industry would be at the forefront of using cryptocurrencies for daily financial transactions.
USD over cryptocurrencies: Preference for stablecoins
Of the handful of cryptocurrency professionals who accept cryptocurrencies as part of their compensation package, the vast majority choose stability. Pantera’s Survey The study found that 87% of them chose U.S. dollar-pegged stablecoins such as USDC and USDT. This preference for stablecoins shows that even within the cryptocurrency industry, the appeal of price stability remains paramount.
Bitcoin (BTC), the flagship cryptocurrency, lags in popularity as a compensation option, with only 13% of those who receive a salary in crypto choosing BTC. This may reflect concerns about Bitcoin’s price volatility or its evolving role in the crypto ecosystem.
Total crypto market cap hits the $1.03 trillion level on the daily chart: TradingView.com
Challenges facing blockchain engineers in a bear market
Pantera Capital’s report also reveals a noteworthy trend in cryptocurrency companies’ hiring practices. Reports indicate that companies place a high value on experience and expertise, favoring candidates who have worked in the industry for many years. This shift in hiring preferences is reflected in the data, which shows mid-level salaries are starting to fall compared to the previous year.
The report recommends, ongoing bear market Technology in the cryptocurrency space may be fueling this trend, as companies seek to minimize risk by relying on experienced professionals such as software engineers. This could lead to increased competition among those entering the industry, with newcomers facing more barriers in securing roles with competitive pay packages.
Pantera’s comprehensive compensation report provides valuable insights into the evolving dynamics of the crypto industry. While remote working has become the norm, the preference for fiat currencies over digital assets, especially stablecoins, challenges assumptions about widespread cryptocurrency adoption among industry professionals.
Additionally, the focus on hiring practices highlights the crypto industry’s continued maturity as it navigates the complexities of volatile markets.
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