According to recent findings by K33 Research, the cryptocurrency business would have over 190,00 workers by July 2023. When compared to job numbers from before the crypto craze of 2020, this is a significant increase.
According to the estimate, high pricing and firm values in the industry in 2021 led to a rise in employment of about 211,000 people. The researchers estimate that about a third of the crypto workforce is employed by exchanges or brokerages, highlighting the important role that these institutions play in the market.
A further 26% of the workforce is comprised of employees from businesses that provide various financial services related to cryptocurrencies. Surprisingly, just 6% of the population works with NFTs, while 21% give their expertise to blockchain protocols, analytics, and mining.
The remaining thirteen percent of workers do work linked to cryptocurrencies, but it does not fall into any of the aforementioned categories. Researchers used techniques like LinkedIn searches, AI-assisted online searches, and manual mappings to compile their data sets.
In order to cut costs, most crypto companies recruit remotely.
According to K33, the global spread of the workforce is made possible by the remote work policies of many significant crypto enterprises. Many large firms, according to the study’s findings, have established their primary operations in jurisdictions with more favourable regulatory environments and lower tax rates.
These businesses often take a worldwide approach to hiring by setting up regional branches or allowing employees to operate from anywhere in the world. Such a central office serves as an efficient way to cut costs and streamline operations.
The researchers pointed out that although Binance has its headquarters in Malta, only 0.2% of its employees are Maltese nationals. About half of the world’s crypto employees live in Western countries including the United States, Canada, and Europe. Of this total, 29% are employed in the United States.
India has become the largest crypto sector employer in Asia, with 20 percent of the regional workforce focusing on developer employment. China is the second largest employer in Asia, employing 15% of the region’s workforce despite its historical hostility toward the business.
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