The Aussie crypto scene + how to get a job!

Speaker 1: [00:00:20] Welcome to the crypto curious podcast, designed to help you navigate the dynamic world of crypto. Hello, my name is Tracey, and I'm joined by my mates and colleagues from the bamboo app Blake and Craig. Hey guys Blake: [00:00:34] hey trace, how are you doing? Tracey: [00:00:35] Hi, Craig, pumped and excited for this topical episode. Craig: [00:00:39] Yes, I am Tracey. Very much so. Let's get into it  Tracey: [00:00:42] Let's get into it. So in case you haven't noticed our accents, we are all Australian. Although at the moment we've got Blake, who's over at the other side of the world in Austin, Texas, and I'm over in WA in Perth. And Craig is representing Sydney over on the East Coast. So today we wanted to celebrate a little bit of our national pride and talk about our home country and how it fares when it comes to being supportive of the crypto craze that's sweeping the globe over the last few years. So you've been asking us about how to get into this industry? We're getting asked a lot about crypto jobs and we can understand why it's an exciting industry to be a part of, and there are certainly a lot of opportunities out there. We're all based in Australia, and so today we'll be presenting a bit of home country bias. But we think there's still some information that's useful if you're listening from elsewhere. And actually, please let us know if you're not listening from Australia because we'd love to hear from you now. As it turns out, Australia is actually one of the friendliest countries when it comes towards cryptocurrency and the opportunities that it represents. So it's not surprising that several of Australia's start-ups are at the forefront of the blockchain development, and you'll also know some of the names and the few Aussie founded crypto coins that are in the media as well. Craig: [00:02:05] We sure do punch above our weight globally. Think late last year, Ernst and Young completed a report that showed almost a quarter of a million Aussies could be employed in the crypto industry by 2030. And they also said by 2030, crypto and digital assets could generate $68 billion and employ over 200000. So that's a 17 X from our existing workforce. Currently, we have about 11 and a half thousand Aussie workers in the crypto space. Tracey: [00:02:37] That's huge, like $68 billion that that's that's massive. So I guess let's talk about what kind of jobs are we thinking here like when we talk about that 200000? Blake: [00:02:49] Yeah, there's lots of jobs available. The most pressing, of course, software engineers, project managers and those that are working on the coalface with the technology. And there's a massive shortage of developers right now in Australia and what seems everywhere to be able to support the growth in these tech sectors. But as well as that, there's so many jobs around here marketing, finance, accounting, banking, your partnerships, just anything to do with your fast growing businesses or yeah, it's for these reasons that we see Australian politicians like Josh Frydenberg and Senator Andrew Bragg becoming vocal and supportive regulation in the space to support, you know, continued innovation. Tracey: [00:03:35] Yeah. And Australia's Treasurer Josh Frydenberg, I was the first one to plan for implementing an updated regulatory framework for crypto. He wants to push forward the modernisation of Australia's payment infrastructure. And in his words, what is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalise on the convergence between finance and technology. So that's a pretty bold statement there. And what he Craig: [00:04:01] means by developments here is the government's plans for crypto regulation, taxation and CBDCs. Now, if you haven't heard that Dollars before, they are central bank digital currencies definitely won't be the last time you hear them because they are a major talking point across most of the major countries in the world about whether or whether not to implement these CBD says. So before we go any further, Blake, can you give us an explanation of what was outlined here and what is the government talking about when they when they talk about regulation, tax and CBD sales? [00:04:37][35.7] Blake: [00:04:38] Yeah, I'm not really sure, to be honest. I'm joking, I'm joking, but I have read through the report. So a central bank digital currency is a new way of administering currency like we currently have banks and financial institutions that manage the ledger of money going between all of us day to day. But the proposal is for this to be done on blockchain networks managed by central governments. And what's really interesting about this is that it's very, very easy to audit blockchains. It's very transparent and it's going to create potentially lots of efficiencies in the economy and. Over time, we'll see. We suspect, you know, most central banks moving in the direction to use blockchain as their core settlement layer for their currencies. Obviously, the technology has been innovating at a rapid rate, and it's very challenging for regulators to be able to keep up with the pace of innovation. And the main reason for this is because, you know, the government is very cautious about overregulating and then dampening potential innovation, while at the same time they have to also be moving through the process to update their legislation, to be able to protect consumers and make sure that people are paying, you know, the right amount of tax that they should be for the type of activities that they're doing it. It is a complicated task and takes many years. And I know from, you know, the Senate report that was released not long ago, there was a big focus on consumer protection and making sure that the assets that sit on exchanges and platforms like BambooHR are kept safe. On behalf of consumers and as well as that, you know, those proposals to update how crypto is related with respect to tax in relation to, you know, new ways of organising like DAOs, it's very challenging for regulation to regulate things like this because they've never existed before. So just making sure that there's a framework so that they can operate compliantly within the current framework. Tracey: [00:06:40] It's good to see Australia actually be at the forefront of something like this, because sometimes we do lag behind when it comes to more technical things like this. But what I think is most exciting is what this means for, you know, the businesses, because these types of reforms will finally address the regulatory and the tax treatment of crypto and these assets. And this gives gives a bit more confidence. And in doing so, it'll drive more consumer interest, which means more new entrants into the market. And what's inevitable, then, is innovation will be able to take place. Craig: [00:07:12] A crypto friendly senator, Andrew Bragg, is really keen on putting Australia on the tech map globally. He actually released a report last year looking at how crypto should be regulated. It's referred to as the Prague report. It doesn't make for lot reading, but it's clear that he does see a strong future for crypto in Australia. Tracey: [00:07:34] Yeah, this report is one of the most influential and important things to have happened in the crypto space in Australia, so we should spend a few minutes covering off, you know, the top level stuff for what it actually means and what was actually recommended in the report. So it is heavy going, but let's pick a few of those things and go over what they actually mean. Blake: [00:07:54] You're really talked about know licencing for digital currency exchanges. Currently, it's no licencing requirements, just a registration with AUSTRAC money managers, you know, reporting for money laundering. Of course, there was updates to the Anti-Money Laundering and counter-terrorism financing regimes to make sure no one's doing anything naughty with their crypto, as well as that token mapping to understand what some of these newly designed tokens do and how that fits within the regulatory environment and also more generally in relation to consumer protection. Tracey: [00:08:28] So it is a big report and it's a heavy read, and what we'll do is we'll link it in the show notes below. So if you feel like it when, say our Sunday afternoon and you've got a couple of hours free, you can have a big long read. But what does it mean for all of us right now? Not much, really. These are just recommendations and they're not yet law, so they need to be signed off on and it can take months or even years, although I think Bragg was confident to get them done within 12 months. The fact is that there's also a federal election in the next few months. That could be a big block ahead because it all depends on which party comes in and where they sit on the whole crypto matter. So for those holding crypto right now, not a lot is going to change in the immediate future, basically. Craig: [00:09:12] Well, why don't we come back in a year or six months or 12 months and say if Senator Bragg actually wasn't just a poly promising the world or if you actually made a difference? Tracey: [00:09:23] Yet, let's do it. Alright, we'll do that. Hold us to that. Come back in a year and see what's actually changed. Good idea. Yeah. Craig: [00:09:29] Well, speaking of how many of us Aussies are holding crypto, the number is growing exponentially. As you can expect, there was a survey commissioned by Coin Spot that told us that 97 percent of Aussies know about crypto, so you'd be very hard pressed to find anyone out there who doesn't have at least an understanding of what it is. So you can maybe expect it to be a bit of a hot topic for this election, actually. Tracey: [00:09:54] Yeah, I think everyone's out there listening to our podcast, right? Craig: [00:09:57] Yeah, well, that's how it was. But the survey found that one in five Aussies around one in five Aussies have bought, sold or traded crypto over the past four years, and the uptake of the Gen Z's millennials and Gen Xers have jumped by an average 10 per cent from the year prior. Now. One in four everyday Aussies trust crypto, especially when it comes to navigating financial and economic concerns, as well as a bit of a hedge against inflation. The survey also found that Aussies, 42 per cent of us believe crypto will be more widely accepted and that its associated risks will decrease. And the last one is 43 percent of us indicated that they expect to own crypto in the next five years, which is a 20 percent jump from 2020. I think 2020 was like the start of the inflation hedge narrative. I feel like that's really resonated with the Australian market, whereas before it was all about the tech and like the what ifs, whereas now like the use case is actually coming to prominence. Tracey: [00:11:04] There's some good numbers, and you know, this couldn't be a better time to think about dollar cost averaging into the market. And I think the younger generations will always be the ones who are the early adopters with tech, and we've seen that. But now you've also got the influx of Generation X and the investors jumping on as well. We've got the mum and dad investors and they're getting better with their knowledge and they trust of this asset. So it was saying those guys come through, but let's take a break now. And when we get back, we'll talk about a few Aussie crypto companies that are in the market. And also we'll talk about how you can go about getting yourself a job in the industry. Did he know that Australia has emerged as one of the fastest growing countries when it comes to new financial technologies like crypto? Some of the top crypto companies or coins originated from the Land Down Under and craigs favourite Dogecoin, which you mentioned and I think last week episode you're going to give us the story about DOGE. Craig: [00:12:03] I think I've said this like five times on the podcast, but it started it. A in Sydney, a Sydneysider made it as a joke in 2013. He himself described it as a bit of a piss take, but now it is a mainstay in the top 10. But yeah, we we Covid doge so much. So if you're interested more, just go back to the previous episodes. But what about us? Some more innovative ones, Blake? Hmm. Blake: [00:12:26] Yeah. One of the most famous Aussie based projects is Synthetix, so Synthetix was previously known as Haven and came Warwick from Sydney, founded it. And Synthetix is basically a Synthetix exchange, basically like a derivatives exchange. That's your fully decentralised and now functions as a DAO. They initially raised, I think it was $40 million in an ICO and, you know, they raised from prominent VC firms like Coinbase Ventures, Paradigm, and now they're a multi-billion dollar market cap. Craig: [00:13:00] Like, can you explain in one sentence what a derivatives synthetic exchanges? Blake: [00:13:08] Yeah, sure. So you can trade derivatives on there, which is basically a derivative of another asset or pool their price from another investment asset. So, for example, Synthetix should be able to invest in a synthetic bitcoin, which means you're not actually buying bitcoin, you're just buying. You're a token that tracks the price of bitcoin, and they have all sorts of synthetic products on there, including baskets of tokens, and they're continuing to innovate in the sector in the now world famous. Tracey: [00:13:42] Nicely done. Nicely done with the curve ball. Another one. Another one that's been quintessentially Australia's power ledger. So Power Ledger is a fast growing Aussie tech company that has developed the world's first blockchain enabled energy trading platform. So this helps make energy markets more efficient. And Power Ledger's software is currently being used by multiple countries, including Australia, Thailand, India, Japan and the US. And as we know, energy is a really hot topic within the space and off the back of this challenge has actually seen some recent price movement done quite well in the last 12 months. Blake: [00:14:21] And on the same theme, there's a company called Bryce Energy, which is now listed on the Nasdaq, and they are potentially the largest bitcoin miner in the world with a focus on sustainable crypto mining. And they have, I think, over a billion dollar Australian dollar valuation now, and they have mining operations in Canada, and I believe they're planning many other sites around the world. And I'm actually heading to a crypto mining conference tomorrow here in Austin, Texas, to hear a little bit more about what the miners are up to and next week. I think we're very fortunate to have the CEO and co-founder of Virus Energy on the show, Daniel Roberts, Tracey: [00:15:04] for that, and that's going to be Blake: [00:15:05] awesome. Yeah, and he'll be joining us to talk about the state of bitcoin mining, and I'm here to help us understand a little bit more about the industry. Tracey: [00:15:14] Yep, super pumped that we've got that one coming out. That's going to be great. Craig: [00:15:17] Spoiler alert. Look, I've actually got another two. I've got a Dow, which was built off Synthetix, right? Just literally thought of as we're talking about Synthetix. It's called D Hedge. Tracey: [00:15:28] Yes. Craig: [00:15:29] Yes. I used to have a used to have a bag of d hedge, but as did as did I. It's pretty cool, though. So what hedge is? It's a decentralised asset manager platform. So for example, I know that Tracey is a great trader sometimes. Um, if Tracey puts herself down as a, you know, as a trader or an asset manager on the hedge platform. I can invest in her and she trades for my portfolio. As a result of that, I get access to Tracey's skills. And Tracey also makes, you know, a 10 per cent management fee, a clip of the ticket so automated. Tracey: [00:16:08] So is it automated strategies then? Is that what they? Craig: [00:16:10] Well, not not automated because you're actively manage the you're managing the the portfolio. But if you think about traditional markets, like if you want access to a hedge fund manager, you know you have to pay minimum of at least, you know, 100000, you would Blake: [00:16:22] generally need to be a sophisticated investor. Craig: [00:16:25] Yeah, yeah. Whereas this is really like democratising that part of it. So that's pretty cool. Second one is I'm sure if you've been on LinkedIn, you must have seen immutable hiring about 300 people. They are the fastest growing Aussie start-up actually officially been named the fastest growing Aussie start-up, and they are allied to scalability protocol for NFTs on a theorem. So they pretty much help NFT projects or NFT games build their applications on top of the theorem with the goal of making transactions quicker, cheaper, and they're really trying to make NFT gaming and trading as easy as trading traditional digital assets. So that's a really exciting one. Blake: [00:17:14] I just saw they did a partnership with GameStop, which is a yeah, the infamous Nasdaq listed company that was at the centre of WallStreetBets, the Reddit group Craig: [00:17:26] that was epic. So anyway, because buy GameStop at that Tracey: [00:17:29] time, not not me wonder if any of our listeners did. Please let us know if anyone did well from that. What have we got next blank? Blake: [00:17:39] Yes, sir, I might touch on one more is banks. That's done really well. Australian based company that's now shifted abroad and are listed on the Canadian Stock Exchange and banks it provides like payment infrastructure for crypto companies and global crypto brands all around the world. And I think they're present in over 160 countries or can facilitate payments in over 160 countries. I mean, they've done really well and they're continuing to scale. They started in 2014 and yeah, that's, you know, another another great Aussie Aussie crypto start up. Tracey: [00:18:12] And you know what? There's a load of little Aussie ones that we haven't mentioned. We're just covering off a few of the the bigger, well known names there, but there are so many little companies that we haven't touched on there. But I'm going to move on to a couple of exchanges because there are a few big Aussie exchanges here that have done well and we've mentioned them in the past in other episodes. But Independent Reserve and coin spot have been around for a long time, followed up by the likes of BTC markets. And then we need to mention Swyft X too. Swyft X have come about in the most recent start up here and have had tremendous growth since it was launched in 2017 have done really well and with with the congratulations mentioned there. And who else have we got Craig that we should mention before we move on? Well, we're Craig: [00:18:57] missing the most important one. Australia's hottest crypto start up bamboo. So you are looking for a start, you know, in any capacity, really hit a sale at the podcast amount, but particularly if you are a developer, let us know. Tracey: [00:19:15] So how do you get a job or become more involved within the crypto community? So is the best way through, of course, if you're feeling the need to level up before you start writing off your resume, writing off source emailing, then there is now so many courses of qualifications that are on offer that are covering off blockchain and crypto. So crypto training courses are offered by many different providers. Some of Australia's top universities are offering courses now in crypto and blockchain related topics, but you'll also find courses online from education providers, investment websites, specialist crypto websites as well. So most crypto courses can be completed online, but some providers also offer courses that can be attended in person. So what we'll do is we'll leave a list in the show notes below of some of the major ones, but if you do a Google search of your area, you're bound to find a heap more as well. So if you were part of that great resignation last year, and if you're itching to see what opportunities are around, here's some places where you can take a look. Craig, what have you got? Craig: [00:20:18] Fintech Australia are very supportive of obviously fintech, but also crypto. They have a lot of companies that join the community, put up job courses, put up events, and I think it's also important with crypto. It's very much not a not a club, but I think going to these community events is really good and just meeting people and networking. Tracey: [00:20:37] Yeah, great ideas in space. Craig: [00:20:40] Another one is Blockchain Australia. These guys hosted a blockchain week where people have events again, great networking opportunity and also LinkedIn. Like when I was looking for a job in the space, I was just crypto marketing in Australia and just refresh it every day until I've found something. Tracey: [00:20:57] There's actually so many different job websites now, and we'll put a few of those in the in the show notes below. A bit like crypto currency jobs Australia. I think even some of the major, you know, regular recruitment companies have a section for crypto jobs as well, so you can check those out also. Blake: [00:21:16] I might just finish off on, you know, potentially the most exciting way to participate in the sector is with Adele. You know, we spoke about DAOs and you know, it's potentially a new way of organising people towards you're working. Towards a common goal and these doubts, you know, some of them are massive with you're worth billions of dollars, have multiple hundreds of millions dollars in their treasuries, you're looking to bring on talent to help them, you know, grow their organisations. And this could range from, you know, administration to project management to marketing. And of course, developers. And you know, I think it's really interesting. And those that do get involved in some of these projects early on can do really well, particularly if they're taking their fee in the native currency of that Dow Craig: [00:22:04] And just just read Dollars. I mean, even if you don't have any experience in doing anything like you can still provide value to the I think of it like an internship like I was in the I'm looking at the dopest Dow the other day, and this guy just translated all of his documents to Spanish because he was bilingual and he could translate. And obviously the down payment tokens, not a lot, but he's getting experience and working in crypto. And I think for a future employer, I think, Blake, you can talk to this if someone's, you know, gone out of their way to get experience in a DAO. I think that's a, you know, a big box tick. Blake: [00:22:40] Yeah, for sure. Anyone that's done that has really worked on the edge of the industry Craig: [00:22:45] and a lot of these just to finish up on does a lot of these days have monthly meetings where it's open to the whole down, you can just literally go in and watch and just see how they work together, see if there's any problems that you can help out with. And that's the best thing about crypto. I think like anyone can get involved if they're hungry enough. Tracey: [00:23:02] Collaborative? Yeah, it's very collaborative. So today we've talked about the fact that there is some Australian politicians out there who are really getting behind the fact that Australia could be at the forefront of this amazing industry. We've also talked to you about the fact that there's some fantastic Australian projects out there that you could potentially go and work for. And now we've talked about how you could potentially upskill yourself to get a job at one of these awesome Aussie companies. And on that note, we'll leave it there for today. Quick shout out to one of our listeners, Callum, who turned 18 this week. Happy birthday mate. We still want to know what you want to know about the crypto space, so send us an email at podcast at Get Bamboo Io or email and follow us on social media. For all those details from the show notes below, I'll remember to fill out a listener survey. If you haven't already, I think it's up there for one more week. And don't forget to write and review us in your podcast app. That's it for today. We'll see you next time. Craig: [00:23:59] See you guys