Crypto Headcount Surges Over 100%, Despite Implosions

Crypto Industry Booms Despite Setbacks

The crypto industry has seen an incredible growth in the last four years, despite several high-profile cryptocurrency implosions. According to the data of crypto research startup K33, the number of people working in crypto-related fields has surged by nearly 160% since 2019, reaching a peak of 211,000 professionals in 2021.

This growth was concurrent with Bitcoin’s (BTC) all-time high price of $68,000, which was recorded in November 2021. As of 2023, the total headcount of people working in crypto amounted to nearly 190,000 persons.

The report titled “The Emerging Crypto Industry” by K33 highlights the growth of the crypto industry, which includes companies such as Crypto.com, Scale AI, IAMX Crypto, El Salvador Crypto, FXS Crypto, Evergrow Crypto, Gods Unchained Crypto, DNT Crypto, Flux Crypto, and Hong Kong Crypto.

Cryptocurrency Industry Experiences Growth Despite Bear Market

The number of crypto employees has been reduced by around 11% since 2021, but still remains higher than four years ago. This growth appears to track the dynamics of Bitcoin’s price, which increased more than 300% from its average annual price of around $7,200 in 2019, according to CoinGecko.

Data from some major industry companies, such as FXS Crypto, IAMX Crypto, Evergrow Crypto, Gods Unchained Crypto, and DNT Crypto, reflects K33’s findings. Major cryptocurrency exchange Kraken and hardware wallet firm Trezor have both seen significant increases in staff numbers since 2019 – Kraken’s headcount has risen by over 150%, and Trezor’s by 120%.

Kraken’s Chief People Officer, Pranesh Anthapur, commented that “Bear markets reinforce the importance of securing the right talent to scale your operation. Disrupting the foundations of traditional finance isn’t easy.” He added that Kraken’s approach to staff retention remains “consistent between bear and bull cycles.”

Cryptocurrency Industry Struggles with Talent Retention

Trezor’s CEO, Zak, noted that the company is focused on building and retaining talent for the long term, rather than relying on cyclical hiring and firing based on short-term market frenzies. This has been a challenge for the cryptocurrency industry, as evidenced by the layoffs at firms like Coinbase, Binance, Crypto.com, Dapper Labs, Kraken, and others in the past year.

Binance, for example, reportedly laid off more than 1,000 employees in its recent headcount cut. On the other hand, some crypto giants like Tether have never employed more than 100 people, according to a spokesperson from the USDT issuer.

In an effort to scale their operations, some crypto companies are looking to innovative solutions like Scale AI and IAMX Crypto to help with talent retention. El Salvador has also recently passed a law to promote the use of cryptocurrencies, while FXS Crypto, Evergrow Crypto, Gods Unchained Crypto, DNT Crypto, and Flux Crypto are all exploring new ways to attract and retain talent.

“We have always taken a prudent approach to hiring. Our commitment to the welfare and future of our employees is demonstrated by the fact that we have never downsized our staff, even in the midst of previous crypto market downturns,” the representative noted.

At crypto.com, scale.ai, iamx crypto, el salvador crypto, fxs crypto, evergrow crypto, gods unchained crypto, dnt crypto, flux crypto, and hong kong crypto, we strive to ensure our employees are well taken care of and have the best prospects.