The surge in cryptocurrency has benefitted several blockchain-based businesses in terms of increased product demand and revenue, and as a result, it has indirectly necessitated aggressive hiring among those businesses that are willing to meet customers’ expectations and advance in their crypto adventures.
The increased demand for crypto in the past years has brought massive job opportunities into the evolving industry. In the past 11 months, crypto and blockchain-related job postings have surged by 118% to 1,307.8 per million in mid-July from last year’s low of 599.6 per million job postings, according to data from employment website Indeed.
Bitcoin’s Bull Run Played a Part
Per the report, the increase in crypto-related jobs correlated with the last bull run when the flagship digital asset, BTC, went from below $4k to reaching a new all-time high at over $60k.
The report continued that the price rally of the asset led to an increased demand for crypto-related products which in-turn had a positive effect on how these firms wanted to hire more hands to help them meet the demand. It continued that sectors like marketing and management saw the highest number of job demands during this period.
This new report aligns with an earlier finding that stated that 19 crypto firms brought on over 3,000 new workers into their folds within the first half of the year.
Sectors such as finance, marketing, human resource, and accounting positions account for 16.8 percent of the openings, nearly two times higher than the previous year, an indication of the growing maturity of the space. At the same time, software development-related jobs maintain their rank as the leader with 29.7 percent, though it has lost 5.1 percent.
Anne Elizabeth Konkel, an economist at the Indeed Hiring Lab who developed the report, said:
The industry’s labor market trends are still closely tied to leading cryptocurrency price changes, the fact that there’s more hiring for support positions like marketing or human resources underscores its development.
In the report, exchanges were among those seeking to hire the most candidates. The leader among them is the U.S.-based Coinbase, who increased its workers from around 1,000 to over 2000 workers and is still hiring across various positions.
Another crypto exchange that has had a massive increase in its workforce is Kraken,. The exchange has increased its workers by over 50 percent and it is currently looking to hire as many 200 people into positions in marketing, engineering, finance, compliance, client services, and IT.