It was mid-2019 when I had my first real run-in with the evolving world of crypto custody. I was at a conference in London, mingling with fellow crypto recruiters, when someone mentioned the explosion of new custody solutions. At the time, it felt like a niche problem only a handful of projects were focused on, but fast forward a few years, and it’s become one of the hottest areas in the blockchain industry. Little did I know that crypto custody advancements would soon become a battlefield for top talent.
Today, the surge in demand for specialists in crypto custody is undeniable. But why has this sector gained such momentum, and what are the challenges companies face in securing the right talent? Let’s dive in.
The Rise of Crypto Custody Solutions
For the uninitiated, crypto custody is about safeguarding digital assets—think of it as the digital equivalent of a vault for cryptocurrencies. With institutional interest in crypto soaring, the need for secure and reliable custody solutions has grown exponentially. In fact, just last year, one of my clients, a leading blockchain firm, faced a massive shortage of qualified candidates for their crypto custody division. They were scaling fast and needed top-notch security engineers, product managers, and compliance experts, but the talent pool was surprisingly thin.
It’s easy to see why. Crypto custody advancements have turned the space into a highly specialised field. Whether it’s multi-signature wallets, cold storage, or hardware solutions, the complexity of these systems means companies can’t afford to hire just anyone. They need talent with a deep understanding of cryptography, blockchain protocols, and cybersecurity. And that’s where things get tricky.
Demand Far Outstrips Supply
I’ve seen it firsthand: companies are scrambling to attract experts in crypto custody, but the supply just isn’t there. In one of my recent recruitment drives, we were looking for someone with experience in designing secure multi-sig wallets for a crypto firm. After weeks of searching, we realised we were dealing with a talent drought. The few candidates we did find were already being wooed by multiple firms, leading to intense bidding wars.
What’s driving this demand? Well, the value of digital assets under custody has skyrocketed, pushing firms to innovate quickly. With crypto giants like Coinbase Custody and Anchorage setting the standard, the pressure is on for smaller firms to keep up. But without the right talent, it’s an uphill battle.
And here’s where it gets even more complicated: the same experts that companies are hunting for are being enticed by the DeFi space, where custody is decentralised. It’s not just about offering a higher salary anymore—these experts want to be part of something innovative, where they can make an impact.
Retaining Top Talent in a Competitive Landscape
Let me tell you, finding the right person is only half the battle. Retaining them? That’s a whole other story.
A couple of years ago, one of my clients—a midsize blockchain startup—managed to land a brilliant security engineer from a competing custody provider. Everything seemed great at first. They offered a lucrative package and perks, and the engineer was enthusiastic about their new role. But within a year, the engineer had jumped ship to a DeFi project offering more flexibility and the promise of working on groundbreaking decentralised solutions.
It was a hard lesson for my client: in this space, talent retention is just as critical as recruitment. Offering top dollar might get someone through the door, but to keep them, you need to provide purpose, growth opportunities, and sometimes even a slice of equity in the company. Flexibility is also key. The days when companies could expect their teams to sit in an office five days a week are long gone—especially in crypto, where remote work is the new normal.
I’ve seen companies make significant changes to their structure just to retain their top talent. For example, one startup I worked with recently revamped their entire benefits package to include more remote working options, training opportunities, and even travel allowances for crypto conferences. It’s no longer just about money—culture, flexibility, and the chance to shape the future of crypto custody play huge roles in keeping experts engaged.
The Future of Crypto Custody and What’s Next
Crypto custody advancements aren’t slowing down anytime soon. In fact, I’d argue that we’re only at the beginning of what’s possible. From tokenised assets to institutional-grade custody solutions, the landscape is evolving rapidly, and with it, the skills needed to succeed in the field.
I recently attended a virtual panel where several industry leaders discussed the future of custody. The consensus? The next big leap will be in interoperability. The ability to transfer assets securely between different chains, while maintaining custody, is seen as the holy grail. And that means new opportunities for talent who can bridge the gap between different blockchain ecosystems.
But this also presents new challenges. As custody solutions become more complex, the demand for talent with both deep technical expertise and a broad understanding of different blockchain environments will grow. It’s no longer enough to know Ethereum inside out—candidates need to be well-versed in Solana, Avalanche, and even niche chains like Polkadot.
And then there’s the regulation factor. With regulators paying closer attention to how digital assets are being stored and secured, the need for compliance experts who understand the intersection of crypto and finance has never been greater. One of my clients, a major player in the crypto finance space, recently expanded their legal and compliance team to navigate the increasingly complex regulatory landscape. They’re now looking for experts who can develop frameworks for custody that meet the ever-evolving regulatory standards while still being innovative.
How Companies Can Stay Ahead in the Talent War
So, how do companies win this battle for top talent in the crypto custody space? From my experience, there are a few key strategies that work.
First, be proactive. Waiting until you need someone to start your recruitment process is a mistake. Build relationships with potential candidates long before you need to hire them. Attend industry events, sponsor meetups, and most importantly, be visible in the community. The crypto world is surprisingly small, and reputation goes a long way.
Second, be flexible. The traditional office setup doesn’t work for everyone, especially in the crypto space. Offering flexible working arrangements, whether it’s remote work or flexible hours, can make a huge difference in attracting top talent.
Finally, be willing to invest in your team’s growth. Crypto custody is a rapidly evolving field, and the experts of today need to keep learning to stay relevant tomorrow. Offering training, mentorship, and opportunities to attend industry events or pursue certifications can make your company a more attractive place to work.
Crypto custody advancements have opened up a whole new frontier for both companies and talent. As the battle for top talent intensifies, those who adapt quickly and offer more than just competitive salaries will come out on top. It’s a wild ride, but one thing’s for sure: there’s never been a more exciting time to be in crypto recruitment.
