Coinbase is laying people off, and JPMorgan is hiring them - but only the ones with Wall Street experience already on the resume.
That filter says a lot about where crypto jobs are heading next.
Dozens of crypto and digital-asset job openings have appeared at the largest names in traditional finance, with JPMorgan Chase and BlackRock leading the list, according to a Bloomberg report.
That is unusual for a sector still working through a long downturn, especially as crypto-native companies including Coinbase have been cutting head count through 2026 - the typical pattern in past slumps has been broad job losses across both sides of the market, but this time the two sides have split.
JPMorgan launched a digital-assets team earlier this year and plans to debut two tokenized products in 2026, with hiring leaning toward engineering and product roles. BlackRock has been advertising senior crypto positions at around $350,000 in base pay, according to public listings.
Paul Przybylski, JPMorgan Asset Management's global head of digital and tokenized assets, told Bloomberg that the firm's hiring filter is built around what he called "domain overlap."
In English: bitcoin trading or blockchain coding alone is not enough, because candidates need traditional finance experience too. They have to understand governance, controls, operational processes, and the kind of client expectations a JPMorgan customer brings.
That is a big change from the last bull cycle, when crypto firms often hired pure crypto natives at premium pay, and the center of gravity has now moved to people who can stand inside both worlds.
Dan Spuller, executive vice president of industry affairs at the Blockchain Association, framed the shift as a maturity moment, saying the 2026 story is institutional build-out across exchange-traded funds, tokenization, custody, compliance, and market infrastructure.
The job market is a leading signal for where the money is going, and right now it is pointing at Wall Street.
When BlackRock and JPMorgan staff up internal teams instead of buying expertise from outside, it suggests they expect tokenized products and crypto custody to be a meaningful line item, not a side project. Both firms have already been clear about ETF ambitions, and the hiring confirms it.
For Coinbase and other crypto-native firms, the same trend cuts the other way - as Wall Street builds in-house teams, the case for using a Coinbase or a Galaxy as a service provider gets weaker rather than stronger.
It also tells investors something about the workforce: crypto skills alone may have been a one-way ticket to a six-figure offer two years ago, but in 2026 the better resume mixes a stint at a bank with time spent inside a digital-asset business.
JPMorgan's two tokenized products this year are the first checkpoint. If they launch on schedule and pull real client money, the next round of hiring across the big banks will be even larger.
The fastest way to get a crypto job in 2026 is to have done time on a trading desk first.
