A recent crypto fund Pantera Capital report reveals that the blockchain industry relies on a distributed workforce. The recent compensation survey revealed that most remote employees are remunerated using paychecks denominated in conventional fiat currency.
The Pantera Capital survey shows that the distributed ledger world is running on the distributed workforce. Nonetheless, the obsession of the remote staff with crypto hardly extends to how they are remunerated.
The sweeping report by Pantera Capital reviewed the striking discovery that compensation within the Web3 ecosystem hardly receives their salaries in crypto. The survey indicated that nearly 90% of the staff in the digital asset industry work remotely. It indicated that only 3% of the workforce is remunerated in cryptocurrencies.
Blockchain Industry Reliant on Distributed Workforce
The Pantera Capital survey drew 1600 participants hailing from 77 countries across the world. The respondents were from half a dozen sectors. The investigative effort by the crypto fund sought to bolster transparency for the staff within the crypto space. Pantera’s executive heading portfolio talent, Nick Zurick, aims to ease the transition for interested parties.
Zurick admitted that executing the survey revealed multiple fascinating results. He illustrated that the most striking finding was that 88% of the staff were remote.
Zurick lauded the survey as affirming that the crypto ecosystem portrayed the ideal remote accommodative sector. Nonetheless, the magnitude of the remote task executed for the blockchain industry was compelling.
The survey demonstrated that blockchain workers within the blockchain industry were distributed globally. Zurick offered a disclaimer that most respondents hailed from the United States. Latin America commanded the second spot at 29.7% of the respondents, preceded only by the US at 35%. Europe tied with the Middle East and Asia block at 23.5%, while APAC accounted for 11.6%.
Blockchain Industry Workers Compensated Using Fiat Currency
Zurick indicated that the standout statistic in the study was the discovery that most workers in the blockchain industry receive their compensation in conventional fiat currency. He observed that only 20% of the respondents accepted crypto payments via the initial token package. Nonetheless, the proportion comprised the executive staff.
The awareness of such preference did not surprise the Pantera Capita team when they discovered that only 3% of the staff would regularly receive salaries in crypto. The team observed that the finding was compelling, considering that early-stage career salaries are often allocated towards expenses, thus paid in fiat.
The survey illustrated that the region hosting the companies often yields an overwhelming impact. Zurick observed that engineers hailing from North America have median earnings of $176479. The salary contrasts the earnings pocketed by counterparts in other regions.
The Pantera’s portfolio talent executive admitted they anticipated a delta within the survey only to discover the $65,000 pay gap. In particular, Latin America had their employees’ earnings averaging $104,771 annually. However, Zurick indicated that the distributed nature of the blockchain ecosystem would narrow the divergence.
Regulatory Development Catalyzing Attraction of Stronger Talent
The Pantera’s report demonstrated that blockchain engineers admitted experiencing the travails attributed to the prevailing bear market. He noted that the firms were biased towards gray hairs when recruiting. The falling figures for mid-level salaries portray the preference for selective hiring since 2022.
The portfolio talent head is optimistic that the blockchain industry will attract stronger talent. The executive noted the existence of opportunities to engage 21300 developers.
Zurick delved into the ongoing regulatory environment and its impact on crypto. He observed that the regulatory climate is pro-crypto, citing Ripple’s XRP partial victory over the Securities and Exchange Commission (SEC). Also, the industry is optimistic of spot Bitcoin ETF following the Grayscale Investments’ win over the Gary Gensler-led SEC.
The court’s decisions in favor of the crypto firms yield a positive ground to develop the digital assets and blockchain industry. Zurick is optimistic that growth in the industry would prompt new job openings and higher compensation.
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