Despite the Implosions, the Number of Crypto Employees Has Increased by Over 100% in 2019
The number of people employed in the cryptocurrency industry has increased over the past four years, despite several high-profile crypto implosions.
K33, a crypto research startup, has found that the number of crypto employees has increased by almost 160% in the last year.
K33 estimated in a report titled “The Emerging Crypto Industry” that the number of crypto workers will be close to 190,000 by 2023. The report also states that 73,000 people worked in the crypto industry in 2019.
Data shows that the crypto industry peaked in 2021 with more than 211,000 professionals in terms of total workforce. Accompanying this growth in November 2021 was Bitcoin (BTC), which hit the all-time high in the crypto industry at $68,000.
The number of crypto workers has declined by 11% but is still higher than it was in 2004. This surge in crypto workers appears to be a reflection of Bitcoin’s price, which has increased by more than 300 since then % Its average annual price in 2019 was around $7,200. According to CoinGecko, this price increase is reflected in the increase in the price of bitcoin.
The results of K33 are reflected in the data of large industrial companies, but others appear to be lagging behind. Kraken is one of the largest cryptocurrency exchanges that has expanded its global staff. Pranesh Anthapur, the company’s chief people officer, revealed to AskFX that Kraken’s headcount grew by more than 150% in 2019. Funding hasn’t been easy. He said that Kraken’s staff retention strategy remains ”consistent” between bear and bull cycles.
Trezor Hardware CEO Matej Zak told AskFX that the company increased its headcount by 120% in 2019.
) Zak explained, “Our main focus is on building and retaining talent over the long term.” He said Trezor is working to enhance and retain talent, even in bear markets. This is in contrast to hiring and firing on a cyclical basis on short-term market frenzy.
We plan for bear markets because we have been in this industry for ten years. We have not cut staff during the recent bear markets, instead continuing to hire.
Over the past year, there have been several rounds of layoffs in the cryptocurrency industry, including at firms such as Coinbase, Binance, and Crypto.com.
According to online reports, Binance has laid off over 1,000 employees in recent weeks as part of its recent downsizing. The company announced a 20% job cut in May.
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