The Crypto Workforce: Remote and Paid in Fiat
A recent report by crypto fund Pantera Capital provides insights into compensation trends in the Web3 ecosystem. The survey, which gathered responses from 1,600 individuals across 77 countries and various sectors, revealed that nearly 90% of digital asset workers are remote. This finding highlights the industry’s remote-friendly nature.
Interestingly, only 3% of respondents accept their salaries in cryptocurrency. While one in five workers receive initial token packages as payment, regular salaries are primarily paid in fiat. This can be attributed to the fact that early-stage career salaries often cover routine expenses that can only be paid in traditional currency.
Distribution of Workers and Salaries
The survey found that the majority of respondents were based in the United States (35%), followed by Latin America (29.7%) and Europe, the Middle East, and Asia (23.5%). The Asia-Pacific region had the lowest representation at 11.6%.
When it comes to salaries, location plays a significant role. Engineers in North America earn a median salary of $176,479, which is considerably higher than other regions. Latin America offers an average yearly income of $104,771. However, it is expected that these salary differences will begin to narrow as the industry becomes more globally distributed.
The Impact of the Bear Market
The report also highlighted the impact of the bear market on blockchain engineers. Companies are now prioritizing experienced individuals when making hires, leading to a decline in mid-level salaries compared to last year.
Despite these challenges, Pantera’s head of portfolio talent remains optimistic about the industry’s future. He believes that stronger talent is entering the crypto workforce every day and points to the increasing number of developer jobs available in the industry.
Positive Developments and Growth
The report concludes with a positive outlook on the regulatory environment. Recent favorable rulings, such as the determination that XRP is not a security and the court’s decision regarding Grayscale’s spot Bitcoin ETF, are seen as positive developments for the industry. Pantera Capital hopes that these decisions will support growth in the crypto industry, leading to more job opportunities and higher salaries.
Hot Take: The Remote Crypto Workforce and Payment Preferences
Pantera Capital’s report sheds light on the remote nature of the crypto workforce, with nearly 90% of digital asset workers being remote. However, despite the industry’s affinity for cryptocurrencies, only 3% of respondents accept their salaries in crypto. Instead, regular salaries are primarily paid in fiat due to routine expenses that can only be covered by traditional currency. The report also highlights the impact of location on salaries, with engineers in North America earning significantly more than their counterparts in other regions. Despite challenges posed by the bear market, Pantera Capital remains optimistic about the industry’s future and expects continued growth and opportunities.
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