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

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

by Blockworks /
article-image

Layer 2 network Taiko integrates Chainlink Data Streams to deliver reliable onchain market data for DeFi and institutions

by Blockworks /
article-image

The license will allow Bullish to operate in New York under strict digital asset rules

by Blockworks /
article-image

The derivatives giant expands crypto offerings with new Solana and XRP futures options, pending regulatory review

by Blockworks /
article-image

Nasdaq-listed firm to fund Solana token purchases and expand its blockchain-focused treasury strategy

by Blockworks /
article-image

The partnership deepens liquidity and lowers conversion costs as demand for regulated stablecoins grows worldwide

by Blockworks /