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- Employees leave their lucrative tech jobs to join crypto companies in Silicon Valley, which has worried even the Google CEO.
- Sundar Pichai, CEO of Google, is anxious to the point that he has included the issue in his discussion regarding the executive agenda.
- Evan Cheng, the CEO, and founder of MystenLabs, who left Facebook’s Novi to his crypto company, thinks that the reason behind the transition is freedom and not money.
A trend of joining crypto companies and leaving high-paying jobs is observed among executives and engineers in Silicon Valley, California.
As per the recent reports, the high rate at which the talent is leaving talent from the big tech giants has left even the CEO of Google anxious and has forced companies to add extra incentives to employees to prevent them from quitting.
Transition Not For Money, Crypto Industry Is Once-In-A-Generation Opportunity
Silicon Valley is on the verge of experiencing talent scarcity. This is according to the report published in The New York Times, which studied the number of high-ranking executives and engineers who quit their high-paying jobs in Silicon Valley to start or join crypto companies.
A former Google executive and chief executive of search engine start-up Neeva, Sridhar Ramaswamy, who battles with crypto companies for poaching talent, said “There is a giant sucking sound coming from crypto,”
He also added “It feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity.”
This month, Brian Roberts, CFO of Lyft, quitted the company to join OpenSea, commenting that he’d experienced enough cycles to identify that “something this big” is emerging.
Twitter’s CEO, Jack Dorsey, resigned from his position to fully concentrate on cryptocurrencies and Square.
The vice president of Amazon’s cloud computing unit, Sandy Carter, also stepped down from her position at the company to become a part of Unstoppable Domains. In a LinkedIn post, when she shared the news of her joining the company, more than 350 people applied for jobs at the Web3 firm. She described the hype around the company as “the perfect storm.”
The head of cryptocurrency efforts at Facebook’s Meta, David Marcus, has also disclosed that he will leave Facebook by the end of the year. While he claimed that he is guided by his “entrepreneurial DNA,” according to his sources, his plans include working on his own cryptocurrency project.
Even Google reportedly has failed to ignore the charm associated with the crypto industry. The anxiety regarding the growing issue has increased to the point that it is now included in the executive plan discussed by Google’s CEO, Sundar Pichai.
The migration has been going on since last year when Surojit Chatterjee, the company’s vice president, left to become chief product officer of Coinbase. Chatterjee’s share has reached to $600 million after Coinbase’s IPO in April this year.
Yet adding incentives wouldn’t be enough to keep the employees.
In September, CEO and founder of MystenLabs, Evan Cheng, also left his job at Facebook’s Novi. Out of 20 employees at his three-month-old blockchain start-up, 16 are from Netflix, Google, and Facebook.
However, Cheng noted that most of the transition to the crypto industry is due to freedom and not for money.
“Back in 2017 or so, people were mostly in it for the investment opportunity. Now it’s people actually wanting to build stuff.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
