Crypto Industry Records Over 100% Rise In Workforce Despite Challenges
Since 2019, the Crypto space has witnessed high-profile collapses leading to millions of dollar loss in user funds. However, the industry’s headcount has spiked as many prominent crypto trading exchanges have continued hiring new talents in the past four years.
Crypto Employees Spiked By Almost 160%
Research by the crypto research platform K33 indicates that the number of employees in the digital asset ecosystem has surged by almost 160% over the past four years. In its analysis, K33 revealed that the cryptocurrency industry witnessed an unprecedented surge in its workforce after reaching an impressive 190,000 headcounts as of 2023.
This figure contrasted with the previous count of 73,000 crypto workers in 2019. The report further sheds light on this ever-evolving industry’s dynamic growth and transformative potential.
Based on K33’s latest findings, the crypto landscape peaked in terms of its workforce, attaining a high of over 211,000 skilled professionals in 2021. Coincidentally, the increase in the workforce was also accompanied by a historic milestone for Bitcoin (BTC), which achieved an all-time peak price of $68,000 in November 2021.
The relationship between the crypto industry’s expansion and Bitcoin’s record-breaking price reflects digital currencies’ immense prospect and impact on the global financial landscape.
A Slight Drop In The Workforce
Meanwhile, the crypto industry has witnessed a slight decline in its headcount by approximately 11% after the peak of 2021. Despite the dip, it is essential to note that the current number of crypto employees is still substantially higher than four years ago.
Interestingly, the spike in workforce aligns with the intriguing trajectory of Bitcoin’s price, which saw a surge of over 300% from its average annual value of about $7,200 in 2019, according to on-chain data. Thus, the interplay between employment trends and Bitcoin’s price fluctuations highlights the complex dynamics driving the ever-evolving world of cryptocurrencies.
Meanwhile, numerous industry-leading firms have corroborated the results of K33’s research. A notable example of a crypto firm experiencing significant growth in its global workforce is Kraken, one of the world’s leading exchanges.
According to Pranesh Anthapur, the company’s chief people officer, Kraken has witnessed a staggering increase of over 150% in its staff numbers since 2019, marking a remarkable expansion for the exchange. This upswing in employment rate underscores the exchange’s commitment to meeting the demands of the ever-growing crypto market and its dedication to providing top-notch services to its users.
Anthapur added that the bear seasons in the crypto world are stark reminders of the crucial significance of acquiring and retaining top talent to propel your business forward. He noted that as the industry continues to challenge the foundations of conventional finance, it will face greater challenges in the future.
Besides Kraken, Trezor, a hardware wallet maker, has increased its workforce by 120% since 2019. According to Trezor’s CEO Matej Zak, the firm is focused on developing and retaining blockchain talents for the long term.
The CEO argued that hiring and firing talents based on short-term events like the bear market is not sustainable. Meanwhile, Tether, with about 60 employees, has maintained a cautious approach to recruitment.
This starkly contrasts some top industry players hiring more talents to improve their workforce.
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