Crypto start-ups: Silicon Valley’s new fast-growing job. Hundreds of tech executives and engineers are quitting their jobs at Google, Meta, Amazon. And other major corporations to pursue what they believe. To be a once-in-a-generation opportunity in cryptocurrency.
Sandy Carter announced her departure from her position. As vice president of Amazon’s cloud computing section in a LinkedIn post earlier this month. Stating that she would be joining a crypto technology startup. She also supplied a link to a listing of available opportunities at the start-up.
Over 350 people had applied for jobs at Unstoppable Domains. In less than two days, according to her, with many of them coming. From the world’s largest internet corporations. It sells website addresses that are hosted on the blockchain, which is the distributed ledger system. That serves as the foundation for cryptocurrencies.
“It’s the perfect storm,” Ms. Carter described the situation. “The amount of momentum that we’re witnessing in this field is really astounding.”
Ms. Carter is one of a growing number of executives and engineers who are leaving lucrative positions. At companies such as Google, Amazon, Apple, and other large technology companies. Some of which pay millions of dollars in annual compensation. To pursue what they believe to be a once-in-a-generation opportunity in blockchain technology. They referred to crypto as the next big thing, which is a catch-all term. Which includes digital currencies such as Bitcoin as well as goods such as nonfungible tokens. Or NFTs, that are based on blockchain technology.
Dogecoin, a digital token based on a dog meme, has become a popular investment vehicle in Silicon Valley. With stories of people making life-changing fortunes off of seemingly ludicrous crypto purchases. This year, the value of Bitcoin has climbed by almost 60%, while the value of Ether.
A growing number of the tech industry’s brightest
Nevertheless, behind the speculative frenzy. A rising number of the IT industry’s brightest and greatest are anticipating a revolutionary moment. That will occur once every few decades and will reward. Those who are able to recognize the seismic shift ahead of the rest of the globe. Some who believe in cryptocurrency draw historical similarities to how personal computers. And the internet were once derided before upending the status quo. As well as creating an entirely new generation of millionaires.
Investors, too, have flocked to the region. According to PitchBook, a company that analyzes private investments, they have poured more than $28 billion. Into global crypto and blockchain start-ups this year. More than four times the total amount invested in the same sector in 2020. Over than $3 billion has been invested in non-financial technology startups alone.
According to Sridhar Ramaswamy, chief executive of search engine start-up Neeva and a former Google employee. Who competes with crypto startups for talent, “there is a tremendous sucking sound coming from crypto.” In some ways, it feels like the 1990s and the beginning of the internet are happening again. The time is just too early, the environment is too chaotic, and the future is too full of possibilities.”
Some argue that cryptocurrency, which has also been renamed as the less ominous web3. Is no different from other speculative booms such as subprime mortgages. Or the tulip frenzy of the 17th century. They claim that a large part of the frenzy is motivated by a desire. To make quick money by trading an asset class that. Largely relies on online jokes on a regular basis.
True believers feel crypto can alter the world
But a rising number of believers believe crypto can revolutionize the world. By creating a more decentralized internet, free of corporate control. While such possibilities have existed since Bitcoin’s inception in 2009. NFTs have just recently entered the mainstream. Thus, Big Tech companies are fleeing to crypto.
Brian Roberts, Lyft’s CFO, departed the company this month to join OpenSea, a popular crypto start-ups. To be aware of anything this significant coming up, he wrote in an email. The impact of NFTs is still unknown.
(Lyft co-founder John Zimmer wished Mr. Roberts luck in his new venture.)
Jack Dorsey, Twitter’s CEO. Stepped down last month to focus on cryptocurrency and web3 initiatives at Square. Mr. Dorsey nicknamed Square Block, a homage to the blockchain. He emphasized the shift by reimagining Block’s CEOs as block-headed avatars. And creating a software platform for others to do the same.
And Meta, Facebook’s parent company, revealed that cryptocurrency chief David Marcus. Would leave by the end of the year to follow his “entrepreneurial DNA.” Mr. Marcus, 48. Intends to work on his own cryptocurrency project, two sources said.