1 Million USD Bonus, or ‘Insane’ Pay Packages for a Crypto Talent

Source: iStock/selimaksan

The chief cryptographer at blockchain startup Ripple, David Schwartz, told the Wall Street Journal that one of the developers on his team got offered two USD 1 million signing bonus offers, one from a cryptocurrency startup, the other from a large technology company with a blockchain initiative. In his opinion, pay packages for cryptocurrency talent “have gotten insane.”

According to a social network LinkedIn, this year through mid-May, some 4,500 job openings with the terms “blockchain,” “bitcoin” or “cryptocurrency” in the title were posted on the platform — 151% the amount of the entirety of 2017. For reference, only 645 such jobs were posted throughout 2016.

“There’s an overeagerness,” on the part of recruiters, Elliot Lee, a senior software engineer at Ripple, told the WSJ. According to Alex Ferrara, partner at Bessemer Venture Partners, which invests in crypto funds, this overeagerness is hurting product development: “I do think it’s impacting the pace of development. A lot of these projects are way behind on their launch schedules.”

Blockchain developers with three to five years of hands-on experience are making half a million dollars, according to Katheryn Griffith Hill, lead recruiter at recruiting firm Blockchain Developers, while those who are only starting out are salaried at well above USD 120,000.

1 Million USD Bonus, or 'Insane' Pay Packages for a Crypto Talent

Ripple’s Schwarz blames initial coin offerings (ICOs): “ICOs dumped a bunch of money on the industry,” in a way that “devalued money” in a labor marketplace so flooded with cash.

The money may be devalued within the industry, but for everyday purposes, it is the same as ever — and the fact is, blockchain experts are living the dream right now.

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Обновлено: 07.07.2021 — 23:00