The world’s fourth-largest crypto exchange bitFlyer is hiring traders and bankers from top mainstream financial institutions in a bid to expand its operations around the world as well as work inside the regulatory fence.
bitFlyer CEO Yuzo Kano, a former Goldman Sachs alumni, is leveraging his past network to sweep away traders from Goldman and other former competitors. Kano’s leadership has made bitFlyer into Japan’s largest bitcoin exchange and now he undertakes to expand the crypto venture to other parts of the world. At present, bitFlyer offices are located in Tokyo, San Francisco, and Luxembourg. Now, Kano’s eyeing offices in South America, Australia, and Africa.
Kano has already managed to scoop away a Barclays Plc fixed-income desk head and also a private banker at Credit Suisse Group AG. In total, the leading Japanese bitcoin exchange has hired over 150 people in a period of six months and now plans to double that workforce by year-end. bitFlyer customers have also increased threefold over the past year, reaching up to 2 million users at present.
As reported on Bloomberg, the new recruits will expand bitFlyer’s business beyond crypto trading to digital payments and brokerage-advisory services.
“My target is to be number one in the world. To get there, I need to grow headcount. And those with the best skills come from global banks.”
Japan is among the most crypto-friendly nations and the first to legalize bitcoin payments. Accordingly, Japanese exchanges are concertedly hiring a swelling workforce, which requires major money moves.
In reference to luring mainstream employees to crypto businesses, Razin Ashraf, chief at Japanese recruiting firm Divine Solutions Japan, stated:
“Crypto companies need finance guys to fill roles across the board: business development, sales, account management, operations, and compliance just to name a few.”
The crypto firms that lure traditional traders have been paying well. According to Kano, many employees at bitFlyer make upwards of $200,000 USD. Young coders who do not have a formal education but are experts in their field make about $100,000 at the company.
Lately, Wall Street has become a recruitment ground for these crypto firms. Earlier this year, the United States largest crypto exchange Coinbase appointed New York Stock Exchange veteran Eric Scro as the firm’s Vice President of Finance. Just a month back, Coinbase completed another high-profile recruitment deal by appointing New York Stock Exchange executive Christine Sandler as the Director of Institutional Sales.
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Images via The Wall Street Journal, Financial Tribune