Web3 crypto startups poach top execs from Facebook, YouTube, Amazon

Ambitious tech folk are hoovering up massive salaries and mouth-watering share packages paid by 'web3' firms. Gamble or solid career move?

Blockchain brands are flexing finances to lure top execs from tech giants like Facebook, YouTube, and Amazon to build the crypto-centric internet ecosystem known as “web3,” reports CNBC.

Ambitious tech folk are hoovering up massive salaries and mouth-watering share packages offered by crypto companies like Polygon, Circle, and Coinbase.

Coinbase, the top US crypto exchange, has offered software engineering roles that earn up to $900,000 per year, according to social network Blind.

“As more crypto and web3 companies emerge, we expect the market for tech talent across all levels to become even more competitive,” said James Hallahan, director of UK and Ireland for Hays’ tech division (via CNBC).

The outlet noted that blockchain startups raised more than $25 billion in venture capital in 2021, giving them plenty of cash to attract top talent.

Talent follows (web3) innovation

Checkbooks aside, crypto companies are relying on targets being unable to resist web3’s allure.

The term is mostly amorphous, but it generally relates to the budding blockchain-powered tech stack envisioned to one day democratize our internet experience away from legacy tech corporations.

“Naturally, people will want to work on what they view as the most exciting and innovative developments in the technology space, and currently, that is crypto and web3,” said payroll software firm Deel’s chief Alex Bouaziz.

“Many are seeing it as the future of the tech industry, in the same way that Facebook and Amazon were attractive in the past.”

Certainly, this looks to be the case. Established tech giants are indeed haemorrhaging top talent to their blockchain rivals.

Last month, Novi’s chief marketing officer (Facebook’s crypto and payments unit) Sherice Torres was poached by payments portal Circle. A move likely in part inspired by Diem’s untimely demise.

Circle is currently looking to public via a SPAC deal that will see it reportedly valued at $9 billion.

Also in January, Amazon’s general manager of edge services, Pravjit Tiwana, joined Winklevoss-backed crypto exchange Gemini as its new chief technology officer.

Ryan Wyatt is another ‘web2’ exec that recently moved into ‘web3’

Read more: [Cancel culture or DAOism? Web3 hits fever pitch over religious tweets]

Not to mention Ryan Wyatt, YouTube’s senior managing director and global head of gaming who left to head up a new studio at Ethereum scaling solution Polygon.

Speaking about the new web3 opportunity, Wyatt told CNBC:

“When I started at YouTube Gaming almost eight years ago, I was the first person there. We didn’t have a team. People were really starting to show interest in gaming video.”

“I look at this opportunity very much the same way.”

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