Not even the crypto ecosystem escaped the ramifications of the first global pandemic in a century. But unlike other sectors, the crypto workforce in Australia and globally actually benefited from this unique event.
What distinguishes the crypto workforce from traditional employees
COVID forced an evolution in remote work that may or may not have been coming without it. However, the crypto space was always largely remote due to its mantra of decentralization. As entire economies went into lockdown, crypto employees around the globe barely even felt a difference. In the words of Gaurang Tovekar, CEO of a blockchain-based SaaS platform:
“Although the pandemic accelerated remote work and the adoption of decentralization in the workforce globally on an unprecedented scale, it was already a norm within the crypto industry well before the pandemic struck.”
While some relished and others loathed the prospects of working where they live and living where they work, crypto folks, veterans to this game, just shrugged their shoulders.
Offices adapt
Remote work being the rule rather than the exception puts an interesting spin on offices in the crypto ecosystem. Rather than being the required place where employees meet to work, they’re more of a perk where the workforce comes to work and socialize. This is reflected in the design and architectural choices in physical workspaces. Stefan Rust, the former CEO of Bitcoin.com, explains:
“I plan on creating large open plan spaces with sofas, TVs, screens and hot desks. I want people to be able to come in and relax, enjoy time with their co-workers, conduct meetings or just chill. The new office has to be a place where people want to come — it’s about choice.”
While bigger companies might actually be willing and able to afford the luxury of an office-turned-clubhouse – FTX CEO Sam Bankman-Fried infamously sleeps on beanbags in his office – smaller companies opt for complete remote work or co-working spaces as a compromise.
Lockdowns bring everyone together
With teams being dispersed by design, it’s easy to see why lockdowns were not as emotionally draining for crypto folks as they were for ordinary employees. In fact, it may have brought the industry as a whole and companies in particular closer together. Add to that a flourishing bull run and crypto workforces were understandably blossoming. Even markedly different Zoom etiquettes across different cultures did nothing to hurt that. Unique.network CEO Alex Mitrovic noted that “I have never asked but Asian people tend to keep their videos off, whereas Western people leave theirs on. Maybe it’s because accessing videos from China for example requires a VPN or maybe it’s a question of poor connections.”
Challenges for Australian crypto employees
With crypto becoming increasingly attractive as a pioneer in remote work, demand for jobs is already increasing. However, Australians particularly still face a lot of regulatory uncertainty when it comes to the blockchain space. Regulators will have to adapt, but so will employers that will face an influx of potential employees willing to work but lacking the skill set to do so. If the Australian crypto sector can manage to educate the public about the benefits of its industry, it may go a long way towards convincing civil servants to strike a deal with them.