US Crypto Sector Employees Boast 13% Higher Salaries Than Overseas Competitors
US-based crypto companies tend to offer higher salaries across various positions and experience levels compared to their international counterparts, a survey published Tuesday showed.
The study, which covered 49 portfolio companies in 2023, reveals that US crypto salaries outstrip those abroad by an average of 13%, with equity and token packages being 30% more generous.
Data showed that entry-level crypto engineer positions in the US offer salaries ranging between $105,000 to $154,000, compared to $86,000 to $136,000 for similar roles overseas.
For founders of seed-stage startups, US-based executives typically receive around $143,900. This level is slightly higher than their counterparts overseas at about $140,000. However, as startups progress to the Series C level, US founders can potentially earn up to $300,000, according to the findings.
Crypto moves fast, and industry compensation data is scarce.
Our first annual compensation report was developed to provide a comprehensive look at trends in the space.https://t.co/8NaNSxWtUo
Here are the top nine things you need to know: pic.twitter.com/67gym5SBTY
— Zack Skelly (@zorkary) March 19, 2024
Salary Adjustments for Cost of Living More Prevalent as Crypto Companies Mature
The survey revealed that three-quarters of all companies, irrespective of their size, stage, or funding, were recruiting talent from outside the US.
Interestingly, US-based companies hiring only domestically seemed reluctant to adjust salaries based on the cost of living. This could reflect the competitiveness of the US job market or the relatively stable cost of living compared to international locations.
In contrast, for US companies hiring internationally, the approach was more evenly divided, with half adjusting salaries for the cost of living and the other half not doing so.
The survey highlighted that the majority of companies, especially in their early stages, tend not to adjust salaries for the cost of living. However, as companies progress and mature, it becomes increasingly common for them to consider adjusting salaries based on the cost of living.
Fiat vs. Crypto in Corporate Compensation
The survey highlighted that while most companies prefer fiat currency for payments, overseas companies do pay employees with crypto, notably USDC.
“Companies often pay with crypto internationally to streamline cross-border transactions, mitigate exchange rate fluctuations, and/or take advantage of tax considerations in certain jurisdictions,” the study said.
Additionally, it revealed that overseas companies are generally more receptive to adopting tokens, with a higher proportion already having or planning to introduce one. In contrast, US-based companies appear more hesitant, with many choosing not to pursue tokenization initiatives.
This difference in approach may be influenced by varying regulatory environments, with the US perceived as having a more stringent stance due to enforcement actions against crypto firms and executives, in contrast to jurisdictions like the EU.
The post US Crypto Sector Employees Boast 13% Higher Salaries Than Overseas Competitors appeared first on Cryptonews.