Bitcoin, Cryptocurrency And Blockchain News

bitFlyer CEO Plans to Hire More Wall Street Bankers and Traders


Yuzo Kano, a former Goldman Sachs employee, co-founded cryptocurrency exchange bitFlyer in January 2014. Having worked as an Equity Derivatives Trader, Kano was well-versed in the financial sector, which is why, in an interview with Bloomberg, he said that traders and bankers are better at crypto trading jobs.

“My target is to be number one in the world. To get there, I need to grow headcount. And those with the best skills come from global banks,” said Kano. The exchange has employed more than 150 people – most of them previously worked at global financial institutions. Kano explains that cryptocurrency has evolved ever since it was created in 2009. Furthermore, countries have either taken a firm stance for or against the new technology. For example, bitFlyer is located in Japan, which has slowly emerged as a crypto-friendly country by introducing Know Your Customer (KYC) policies and licensing cryptocurrency exchanges.

He further added that bitFlyer as well as other crypto companies need people from the finance sector to fill roles in “business development, sales, account management, operations, and compliance.” However, brokers are not the only preference in Kano’s company; he encourages young coders and developers to join his team as well. As long as they are able to prove their skills, high school students and recent graduates can end up working for major crypto companies.

When it comes to salaries, Kano can’t promise the same amount which ex-bankers received in their former positions. According to a study published by the Office of the New York State Comptroller, Wall Street bankers made $388,000 on an average in 2016. As per Kano’s statements, there are some employees who make more than $200,000 per year. Even then, some traders who gave up their monotonous jobs don’t regret their decisions. Daisuke Murayama, ex-Barclays trader, said, “I just didn’t see a future in traditional finance. It’s never coming back.”

Image Credit: Rakuten.Today