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Crypto Fund CEO: Employees Are Leaving Tech Giants to Start Crypto Firms

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Olaf Carlson-Wee, CEO of Polychain, a firm that invests in crypto companies, told Fortune that tech companies like Facebook and Snapchat are losing their talent due to blockchain and cryptocurrencies.

What we’re seeing is an absolute exodus from many of these major tech giants like Facebook, Google, LinkedIn and Snapchat of really high quality talent who are now starting cryptocurrency startups.

Carlson-Wee was the first employee hired by crypto exchange Coinbase. He worked as the head of risk and product management for three years, before founding Cryptographic Financial and Polychain.

When talking about the latest trends in the prices of cryptocurrencies, Carlson-Wee said that he doesn’t consider “month-to-month market prices” important. Instead he focuses on the “developer momentum around building novel applications”.

Carlson-Wee also said that this industry is built by outsiders – people with little technical knowledge and less capital. He himself is a Sociology graduate, The best stuff is being built by people who sound deeply unqualified to be doing what they’re doing.”

Tech Giants & Blockchain

In April 2018, three Google employees left their jobs to start a blockchain community; xGoogler Blockchain Alliance (GBA). “Google has always been in the forefront of new technologies worldwide, from Android to AI. As Googlers, we can bring our unique experiences to expand blockchain’s influence, to everyone, everywhere,” said ex-Googler and GBA co-founder Andy Tian.

However, these tech giants haven’t completely ignored blockchain and cryptocurrencies. Alphabet Inc., Google’s parent company, announced in March 2018 that it was working on a blockchain-related technology. However, IBM remains the front-runner in this category, having participated in a funding round for blockchain-startup Digital Assets Holdings as early as 2016. The company then went on to develop hyperledger blockchain in partnership with Linux.

Last month, Microsoft also collaborated with EY to create a blockchain product that would solve the problem of content rights and royalties management.

Image Credit: Deposit Photos

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