The massive growth of the crypto industry has affected the traditional finance and technology industries in more ways than one. The brain drain from the traditional industries towards to crypto industries are quite alarming. Established companies are losing their top executives to startup crypto companies!
Corporate Brain Drain
From her top communications position at Twitter and Facebook, Rachael Horwitz is now the Vice President of Communications at Coinbase, a well-known cryptocurrency exchange.
Twitter has also lost its Vice President of Operations and User Services, Tina Bhatnagar, to Coinbase as she is now their Vice President of Operations and Technology.
From the New York Stock Exchange, Coinbase got hold of Eric Scro as their Vice President of Finance.
Goldman Sachs executive Richard Kim is reported to be the new Chief Operating Officer (COO) of Galaxy Digital, a crypto merchant bank. Galaxy Digital also has former Goldman Sachs employee Luka Jankovic as its Senior Investment Associate. To add to that, Galaxy Digital’s founder Mike Novogratz was a former Wall Street executive, too.
Wall Street lost its Head of Equities of Wedbush Securities, Sheri Kaiserman, as she resigned from the company to be a co-founder of her own blockchain investment fund and advisory.
JP Morgan’s Blockchain Chief Amber Baldet also had the same initiative when leaving the company.
Robert Hughes has left his position as CFO at Overstock.com to become the CFO of DeSoto Inc., a blockchain tech joint venture.
International Brain Drain
Apparently, the brain drain isn’t just limited to companies. It could happen in an international scene as well.
It was reported that following the strict regulations imposed by the Reserve Bank of India, crypto and blockchain companies in the country are considering moving to other crypto-friendly countries to continue to do business.
As India is known for its tech development, the loss of blockchain companies would be a serious blow to the country. The same can be said for other countries that are not crypto-friendly.
Many believe that this brain drain is just beginning and there are many more to come. What do you think about this brain drain?
Comment your thoughts below!