The cryptocurrency industry has experienced significant growth in terms of employment despite notable instances of cryptocurrency failures.
Research conducted by K33, a crypto research startup, reveals a substantial surge of nearly 160% in the number of individuals working in crypto-related positions since 2019.
In their report titled “The Emerging Crypto Industry,” K33 estimates that the total headcount of crypto professionals reached nearly 190,000 individuals in 2023, compared to approximately 73,000 in 2019.
The industry experienced its peak in terms of staff numbers in 2021, surpassing 211,000 professionals. This growth coincided with Bitcoin’s impressive performance, reaching an all-time high price of $68,000 in November 2021.
While the number of crypto employees has seen a reduction of approximately 11% since 2021, it remains significantly higher than four years ago.
This increase appears to align with the fluctuation of Bitcoin’s price, which surged over 300% from its average annual price of around $7,200 in 2019.
The findings of K33 are supported by data from various major industry players.
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For instance, Kraken, a prominent cryptocurrency exchange, has witnessed a 150% rise in staff numbers since 2019, according to Pranesh Anthapur, the firm’s chief people officer.
Similarly, Trezor, a major hardware wallet company, has increased its headcount by 120% since 2019, as reported by CEO Matej Zak.
These companies prioritize long-term talent retention and development, even during bear markets.
Kraken’s Anthapur highlights the significance of securing the right talent to navigate the challenges of disrupting traditional finance.
Trezor’s Zak emphasizes their focus on building and retaining talent over cyclical hiring and firing based on short-term market trends.
Despite the overall growth in employment, the cryptocurrency industry has also witnessed layoffs at various firms, including Coinbase, Binance, Crypto.com, Dapper Labs, and Kraken.
Binance, in particular, reportedly laid off more than 1,000 employees recently, following a 20% reduction in staff announced in May.
Interestingly, while some major firms have engaged in significant layoffs, other crypto giants have maintained relatively small workforces.
Tether, the issuer of the world’s largest stablecoin, employs only around 60 individuals, according to a company spokesperson.
They emphasize a cautious approach to hiring, prioritizing employee well-being and future prospects, and demonstrating a track record of not downsizing staff even during previous downturns in the crypto market.
Overall, despite the challenges and setbacks faced by the cryptocurrency industry, the number of people employed in crypto-related roles has experienced substantial growth, indicating the continued interest and potential of the industry.
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