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Engineers Are Leaving High-paying Jobs In Silicon Valley To Work For Cryptocurrency Companies

A growing number of executives and engineers are quitting high-paying professions in Silicon Valley to work for crypto businesses.

According to a recent New York Times report, the rate at which the crypto business is recruiting talent from tech titans has even concerned Google’s CEO, and is prompting corporations to offer additional incentives to staff in order to keep them from quitting.

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Silicon Valley may suffer a serious shortage of talent in the near future. This is the conclusion of a recent New York Times story on the number of high-ranking executives and engineers who left high-paying professions in Silicon Valley to join or create crypto firms.

“There is a giant sucking sound coming from crypto,” said Sridhar Ramaswamy, chief executive of search engine start-up Neeva and a former Google executive, who competes with crypto companies for talent. “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.”

Lyft’s CFO Brian Roberts departed the firm this month to join OpenSea, claiming that he’d seen enough cycles to recognise when “something this large” emerges. Jack Dorsey resigned as Twitter’s CEO to devote more time to cryptocurrencies and Square.

Sandy Carter, Amazon’s vice president of cloud computing, also departed the business this month to join Unstoppable Domains. Over 350 people sought jobs at the Web3 startup after she announced her hiring in a LinkedIn post. She referred to the industry’s hype as “the perfect storm.”

Even David Marcus, the leader of cryptocurrency activities at Facebook’s Meta, has revealed his intention to leave the company before the end of the year. While he stated that he will pursue his “entrepreneurial DNA,” people close to him stated that he intends to work on his own cryptocurrency project.

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The appeal of the crypto business is said to be so strong that even Google couldn’t ignore it. Concerns about preventing employees from joining crypto businesses have grown so large that the subject is now on Sundar Pichai’s, Google’s, executive agenda. According to two people familiar with the discussions, Pichai and his senior deputies have been providing additional stock awards to employees in sectors of the corporation that appeared to be ripe for poaching.

Surojit Chatterjee, Google’s vice president, left the business last year to become Coinbase’s chief product officer, kicking off the exodus. Following Coinbase’s initial public offering (IPO) in April of this year, Chatterjee’s stake in the company increased to $600 million.

However, rewarding employees with stock options may not be enough to keep them.

Evan Cheng, MystenLabs’ founder and CEO, departed Facebook’s Novi in September of this year. His three-month-old blockchain business already has 20 workers, 16 of whom are former Facebook, Google, and Netflix employees. He feels that the majority of persons entering the industry do it not for the money, but for the freedom.

“Back in 2017 or so, people were mostly in it for the investment opportunity. Now it’s people actually wanting to build stuff.”