How are Crypto Industries being Diverse, Hiring Former Wall Street Employees?

In recent times, the crypto space has seen a boost in talent staff from the traditional finance sector and gender diversity 

The whole concept of the crypto industry aspires to become as extensive as traditional finance and financial institutions worldwide. Although on technical aspects, crypto space is somewhat different but follows the long followed economic pathways. 

Since the economy and finances have been considered something to be controlled and dominated by males, gender diversity has become a noticeable issue in the industry. But it seems like the crypto industry is taking notes from all this, accepting the staff talents from traditional financial institutions, and avoiding its mistakes, such as not creating diversity in staff. 

Recently Robert Zagotta, CEO of Bitstamp USA, said that the employees from traditional finance express their interest in new roles. He speaks on a positive note this would bring the opportunity to get diversity into their talent pool at a higher level. 

For a long time since its emergence, the crypto industry has been male dominated. Such an example of this skepticism can be understood by considering the Twitter post of Bain Capital Ventures for hire. It stated that the founding team of that upcoming crypto fund would only consist of males. The matter got so much backlash that the Executive of the firm, Stefan Cohen himself, had to apologize for it and had to promise to hire women and groups from other races. 

Traditional financial industries, including banks, have also struggled with diversity issues. For a very long time, US bank’s leadership structures remained male dominated and now face pressure while trying to promote more women towards leadership positions. Take the instance of Jane Fraser, the only woman who ever led one of the central US banks, Citibank Inc. 

Apart from this, the traditional finance sector has seen a brain drain as many senior banking employees changed their industries and joined crypto companies. Not only have they entered, but some of them have got senior positions in the crypto industry. 

For instance, Mel Tsiaprazis, currently CCO at Bitstamp, was working at Lloyds Banking Group. CEO Zagotta himself was earlier at CME Group Inc before joining Bitstamp. 

Sabrina Wilson, former co head of futures, clearing, and foreign exchange at Citigroup, is currently working as the chief operating officer at crypto gateway service provider Copper. Coinbase Global Inc. Alesia Haas worked for Och-Ziff Capital Management earlier. Also formerly working at JPMorgan Chase and Co. Blythe Masters joined Digital Asset and became CEO in 2015. 

Crypto space avoids the mistakes traditional institutions made to become more relevant and appeal to open society, and keeping it moving with experienced senior executives makes it a golden opportunity. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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