Surprising Decline: Crypto Job Market Shrinks as Binance Defies the Trend

Crypto Employment Declines as Funding Keeps Companies Afloat

A recent study from K33 Research has revealed a decline in crypto employment, with a 10% decrease over the past year. The industry now employs around 190,000 people, compared to 210,000 in 2022. This decline has resulted in many individuals losing their jobs, but some firms have managed to stay afloat due to significant funding received earlier in 2022.

Key Points:

Crypto employment has decreased by 10% in the past year.
There are currently around 10,000 companies in the industry, valued at approximately $180 billion.
About 60% of crypto workers are employed by trading and investment-focused companies.
Only 6% of workers are involved in the NFT sector, while 21% participate in blockchain protocols, analytics, and mining operations.
Binance is an exception to the general trend of job cuts in the industry, with plans to achieve 30% hiring growth in 2023.

K33 executive Anders Helseth stated that Binance has around 7,000 employees globally, compared to Coinbase’s approximately 4,000 employees. The United States is currently the home to nearly 30% of crypto workers, and Helseth believes this trend will continue, with the US serving as a center of gravity for the industry. The report also revealed that the Asian and Australian region accounts for approximately 35% of the global crypto workforce, with India surpassing China in terms of crypto employment. Europe holds 24% of global crypto jobs, with the UK leading the region with 13,000 positions.

Hot Take:

The decline in crypto employment is concerning, but it’s not surprising given the challenges faced by the industry. The resilience of Binance amidst job cuts highlights the importance of adaptability and growth in this fast-paced sector. As the US continues to dominate the crypto workforce, it will likely remain a crucial hub for innovation and development. The rise of India as a major player in the Asian crypto market is also worth noting, indicating the potential for further growth and opportunities in the region.