Former JPMorgan, Barclays executives on why crypto jobs are attractive even in bear markets

Despite the ongoing downturn in the cryptocurrency market and associated forced layoffs at major crypto firms, a career in crypto is not becoming less attractive to many traditional finance executives.

European crypto exchange-traded fund (ETF) provider 21Shares announced three major hires on Wednesday to expand its presence in countries such as France, Germany and the United Arab Emirates.

Marina Baudéan, 21Shares’ newly appointed head of France, Belgium and Luxembourg, debuts her crypto career after working for more than 15 years at the British universal bank Barclays.

Baudéan is convinced that crypto is “all about the next generation of technology,” and it’s here to stay despite market fluctuations or other issues. Having witnessed many technological changes throughout her career, she drew parallels between crypto and the early days of digital commerce, saying:

“I began my career in electronic fixed income trading back in 2000, when traders told me they would never trade electronically. Over twenty years later, this market is now very much electronic.”

“Moving from traditional finance to crypto was a natural progression for me,” Baudéan said in an interview with Cointelegraph, adding that the growth and momentum surrounding crypto made her eager to transition to crypto.

Oliver Schäfer, 21Shares’ new head of Germany, also joined the crypto-ETF firm with a solid traditional finance background, bringing decades of experience across major financial firms. Before starting a crypto career, Schäfer spent more than 15 years at the American investment bank JPMorgan.

“I believe in the long-term opportunity for crypto – the asset class is growing and just in its early days, so I’m focused on the long-term opportunity versus the short-term market conditions,” Schäfer said, adding that it’s an “exciting time to be in crypto ,” Schäfer noted that he first invested in crypto in 2020, gradually becoming more interested in the technology and industry developments.

Despite JPMorgan’s active participation in the crypto industry, CEO Jamie Dimon is known for some notable criticism of cryptocurrencies such as Bitcoin (BTC). To this, Schäfer – formerly JPMorgan’s CEO – noted that many institutions have adopted crypto-assets after initially being skeptical of them, stating:

“It is important to remember that throughout history many people have been skeptical of technological developments before they were adopted into the mainstream – such as with computers and mobile phones. This is the natural course of technological progress.”

Sherif El-Haddad, formerly head of asset management at Dubai-based Al Mal Asset Management, has joined 21Shares as head of the Middle East.

Related: OpenSea lays off 20% of its staff, citing ‘crypto winter’

“I believe in the underlying fundamentals of cryptocurrencies and the growth it is expected to witness over the next decade, and I positioned myself accordingly,” El-Haddad said. He also mentioned that he tried to launch a physically backed crypto ETF on Al Mal, but his proposal was not approved. He added:

“Cryptocurrencies have been well received globally by retail investors and the expectation is that institutional and ultra-high net worths are now moving into buying following the recent price correction.”

The new hires from 21Shares are another proof that the crypto job market has remained strong despite the bear market and a massive wave of layoffs.

Major crypto companies, including big names like Coinbase and Gemini, decided to lay off up to 20% of their workforce so far, citing tough market conditions and the onset of an economic recession. In contrast, many crypto firms FTX or Binance crypto exchange continued to hire more talent during the ongoing crypto winter.