Nearly 190K people work in crypto, more than 50% located in the West

Researchers found that despite China’s hostile stance on the industry, it surprisingly stands as the second-largest crypto employer in Asia

article-image

Rawpixel.com/Shutterstock modified by Blockworks

share

The cryptocurrency industry boasts nearly 190,000 employees as of July 2023, new data from K33 Research shows.

This represents a notable increase when compared to employment statistics prior to the crypto frenzy that began in 2020. 

Crypto had a higher employment count in 2021, almost 211,000 individuals, which coincided with high prices and company valuations, according to the report.

Around one-third of the crypto workforce is at exchanges or brokerages, emphasizing their crucial role within the industry, according to the researchers. 

Another 26% are employed by companies offering a diverse range of financial services related to cryptocurrencies.

Notably, only 6% of individuals are engaged in the field of NFTs, whereas 21% contribute their skills to blockchain protocols, analytics and mining operations. 

Finally, the remaining 13% of employees are involved in cryptocurrency-related jobs that do not neatly fit into any of the other categories.

The analysts obtained their data through methods including LinkedIn searches, artificial intelligence-assisted web searches and manual mappings.

Crypto companies typically hire remotely to reduce costs 

The organizational structure of large crypto companies often facilitates remote work, resulting in a globally distributed employee base, per K33.

Researchers found many major crypto companies have chosen jurisdictions with favorable regulations and lower tax rates as their headquarters.

These companies typically adopt a global employment strategy by either establishing local offices worldwide or implementing a fully remote work structure. 

Such headquarters function as a practical solution for minimizing costs and eliminating logistical barriers.

The analysts specifically mentioned Binance, noting that it is headquartered in Malta, but only 0.2% of its employees actually hail from the island country. 

Chinese professionals still contributing to crypto in a big way

There’s an over-representation of crypto workers in the Western world, with approximately 55% residing in North America and Europe. Within this figure, the US accounts for 29% of the crypto workforce. 

In Asia, India emerged as the leading employer in the crypto industry, with 20% of the regional workforce, leaning towards developer-related roles.

Despite China’s historically hostile stance on the crypto industry, it’s still the second-largest employer in Asia at 15% of the region.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.

article-image

StarkWare takes a step towards making StarkNet for Bitcoin

article-image

The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year