Data: Nearly 190,000 people work in the cryptocurrency industry
ChainCatcher message, according to a report published by K33 Research, as of July 2023, the cryptocurrency industry has nearly 190,000 employees. This number represents a significant increase compared to employment statistics before the crypto boom that began in 2020. The employment figure for cryptocurrency was even higher in 2021, approaching 211,000.
Researchers indicate that about one-third of the cryptocurrency workforce is employed by exchanges or brokerage firms. 26% are hired by companies providing various financial services related to cryptocurrencies. Notably, only 6% are involved in the NFT sector, while 21% work for blockchain protocols, analytics, and mining operations. Additionally, 13% of employees are engaged in cryptocurrency-related work but do not fit into any other specific category.
It is reported that analysts obtained relevant data through methods such as LinkedIn searches, AI-assisted web searches, and manual mapping. Cryptocurrency companies often recruit remotely to reduce costs. K33 states that the organizational structure of large cryptocurrency companies typically facilitates remote work, resulting in a globally distributed workforce.
Researchers found that many major cryptocurrency companies choose regulatory-friendly jurisdictions with lower tax rates as their headquarters. These companies often adopt a global hiring strategy, either establishing local offices worldwide or implementing a fully remote work structure. Such headquarters serve as a practical solution to reduce costs and eliminate logistical barriers. Analysts specifically mentioned Binance, noting that its headquarters is in Malta, but only 0.2% of its employees are from that country.
In the Western world, the proportion of cryptocurrency workers is disproportionately high, with about 55% residing in North America and Europe. Among them, the United States accounts for 29% of this cryptocurrency workforce.
In Asia, India has become the leading employer in the cryptocurrency industry, holding 20% of the workforce in the region, primarily engaged in developer-related work. China remains the second-largest employer, accounting for 15% of the workforce in Asia. (Source link)
