The Rise And Fall Of Crypto Jobs: How The $180B Sector Breaks Down

Cryptocurrency industry employment has experienced a 10% dip over the last year, and the sector now reportedly employs approximately 190,000 individuals, a noticeable decrease from 210,000 in 2022. 

"Lots of people have lost their jobs, and many firms are being kept afloat by the significant amounts of funding received in early 2022," said Anders Helseth, an executive at the company K33 Research, which conducted the study, according to The Block. 

The study points out that there are roughly 10,000 enterprises within the sector boasting a collective valuation of about $180 billion.

The workforce distribution across different areas of the industry is noteworthy, with 60% engaged in trading and investment firms, 21% working in blockchain protocols, analytics and mining sectors, and 6% contributing to the NFT market.

Despite the general contraction in employment, Helseth remarked on a standout: "The general trend is that many firms have gotten rid of a lot of people, with the exception of Binance."

This observation comes despite the recent news about Binance witnessing exits and job cuts and aligns with the company's declaration in early January to aim for a 30% increase in hiring in 2023.

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Helseth further noted, "We have them at about 7,000 employees across the globe," versus Coinbase's employee count of around 4,000.

Regarding the geographical distribution of crypto workers, the research shows nearly 30% of the 190,000 crypto workers are based in the U.S., a trend Helseth anticipates will continue, citing the U.S. as "a center of gravity for the crypto industry."

The combined Asian and Australian regions account for about 35% of the global crypto workforce, with India alone accounting for 20% of this Asian workforce, thereby surpassing China.

As for Europe, it hosts 24% of the global crypto jobs, with the U.K. leading in the region, offering 13,000 positions.

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