Key Takeaways
- • Grayscale, described as the world's largest digital-currency asset manager with $38.2 billion in assets under management, plans to double its 52-person full-time team throughout 2022, according to CEO Michael Sonnenshein.
- • Crypto job vacancies reached an all-time high of 5,302 advertised openings in February 2022, up from 1,042 a year earlier, according to job-search engine Adzuna.
- • Grayscale prioritizes integrity, low ego, initiative and cross-functional experience over prior crypto experience, with most hires coming from financial-services and technology firms.
- • Sonnenshein says traditional financial institutions are losing talent to fintech and tech firms, which he attributes to incumbents being slow and not terribly innovative.
Summary
Grayscale, the world's largest digital-currency asset manager, is expanding its headcount as demand for crypto talent rises. CEO Michael Sonnenshein, speaking to Business Insider, said the firm operates products including the Grayscale Bitcoin Trust and Grayscale Ethereum Trust and had $38.2 billion in assets under management at the time of reporting. Grayscale was founded in 2013 and has a full-time team of 52 employees. It aims to double that headcount during 2022, with growth expected across every vertical, from investor relations to marketing, including its newly launched exchange-traded-fund vertical.
Business Insider cited job-search data from Adzuna showing that crypto vacancies hit a record 5,302 advertised openings in February 2022, compared with 1,042 a year earlier. The article notes that major banks including Morgan Stanley and JPMorgan Chase have invested in crypto and blockchain startups, while traditional financial institutions are losing staff to fintech and technology firms. Sonnenshein attributed this talent movement to employees seeking firms that are more innovative than their previous employers.
According to Sonnenshein, most Grayscale employees did not previously work in crypto, and most hires come from financial-services and technology firms. Interviews vary by role but typically involve multiple interviewers, including people from other verticals, and candidates may be asked to complete case-study assignments related to the role. Personal questions about hobbies and interests are also common. Sonnenshein said Grayscale looks for integrity because its decisions are meant to serve investors, and places little emphasis on ego, encouraging employees to show up authentically and collaborate.
The firm also values initiative and cross-training. Sonnenshein said gaining experience in other business areas signals initiative and supports retention. He described Grayscale as "extremely agile" and faster-paced than traditional finance firms, while offering flexible office or remote work and unlimited vacation. The company recently relocated its office from New York City to Stamford, Connecticut, to improve the in-office experience.
Business Insider cited job-search data from Adzuna showing that crypto vacancies hit a record 5,302 advertised openings in February 2022, compared with 1,042 a year earlier. The article notes that major banks including Morgan Stanley and JPMorgan Chase have invested in crypto and blockchain startups, while traditional financial institutions are losing staff to fintech and technology firms. Sonnenshein attributed this talent movement to employees seeking firms that are more innovative than their previous employers.
According to Sonnenshein, most Grayscale employees did not previously work in crypto, and most hires come from financial-services and technology firms. Interviews vary by role but typically involve multiple interviewers, including people from other verticals, and candidates may be asked to complete case-study assignments related to the role. Personal questions about hobbies and interests are also common. Sonnenshein said Grayscale looks for integrity because its decisions are meant to serve investors, and places little emphasis on ego, encouraging employees to show up authentically and collaborate.
The firm also values initiative and cross-training. Sonnenshein said gaining experience in other business areas signals initiative and supports retention. He described Grayscale as "extremely agile" and faster-paced than traditional finance firms, while offering flexible office or remote work and unlimited vacation. The company recently relocated its office from New York City to Stamford, Connecticut, to improve the in-office experience.
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