TradFi Firms Scoop up Crypto Talent to Boost Blockchain Business

Keen on developing their blockchain capabilities, traditional finance (TradFi) companies have been increasingly hiring crypto-savvy staff laid off by the market downturn.

Prior to the market meltdown, cryptocurrency companies had been expanding rapidly, but were then forced to contract rather quickly once prices started falling.

While companies like BitPanda and BlockFi reduced headcount, Coinbase, the largest cryptocurrency exchange in the United States shed 1,110 employees, nearly 20% of its total staff in June.   

“You suddenly have a very skilled workforce redundant, looking for new jobs in markets where blockchain capability can be in very high demand,” said William Shaw, a Bloomberg reporter.

While it was thought that fintech firms would largely be the ones absorbing this pool of talent, it has rather been TradeFi firms.

TradFi banking on blockchain

Although banks remain somewhat contenti