Polychain CEO Olaf Carlson-Wee Talks Talent Shifting from Tech Giants to Crypto Firms

It seems that there is an important migration from traditional technology companies to the cryptocurrency world. At least, this is what Olaf Carlson-Wee, CEO of Polychain says. Polychain is a firm that invests in crypto-related companies, and its CEO said to Fortune that companies like Facebook or Snapchat are losing important team members that want to start their own crypto platforms or companies.

Mr. Carlson-Wee commented:

“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.”

It is important to mention that Carlson-Wee was the first employee hired by the virtual currency exchange and platform Coinbase. He was working at the company as head of risk and product management for three years. After it, he founded Cryptographic Financial and Polychain.

At the same time, he talked about cryptocurrencies and the market. He explained that he does not consider monthly prices, but instead he focuses on ‘developer momentum around building novel applications.’

Some cryptocurrency enthusiasts have been very worried about the current trend of the market. Since December 2017, Bitcoin cannot recover its price and since January 2018, most of the altcoins are in a bear market touching multi month lows.

Moreover, he said that the crypto industry is being built by outsiders, people with little technical knowledge and little capital to invest.

“The best stuff is being built by people who sound deeply unqualified to be doing what they’re doing,” he said on the matter.

For example, back in April 2018, three important Google employees left the job they were doing at the company to start a blockchain community known as xGoogler Blockchain Alliance (GBA).

Andy Tian said that Google has always been in the forefront of the new technologies, starting from Android to artificial intelligence (AI).

But it does not mean that these companies have not been investing in virtual currencies or blockchain technology. For example, Alphabet Inc., the parent company of Google, announced that it was working with blockchain technology in March 2018. At the same time, IBM, for example, is one of the front-runners in the blockchain world. It has participated in funding rounds and developed the hyperledger blockchain side by side with Linux.

During the last month, Microsoft worked with EY with the intention to build a blockchain product that would solve the problems of content rights and more.

Important banks are also losing their best employees attracted by the very exciting cryptocurrency market and the new decentralized proposition.

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