Crypto industry sees hiring frenzy even as regulators step up oversight

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The labor market records the latest cryptocurrency boom

Even as regulators are stepping up their oversight of cryptocurrencies and related activities, hiring in the industry is reaching its peak. On many job websites such as Indeed.com, crypto searches are more than double the levels of a year ago.

On LinkedIn, paid jobs in the United States with keywords such as cryptocurrency and blockchain increased over 600% from the year before on August 1 and nearly 400% from the previous year on August 1. on the same date in 2019. A popular job site, CryptocurrencyJobs.co, has seen an almost 1,500 percent growth in paid listings since last year.

The hiring frenzy comes just as China bans cryptocurrencies – again – and US regulators are pursuing actions against related companies large and small. The Commodity Futures Trading Commission said on Tuesday it had fined the Kraken exchange $ 1.25 million to settle allegations it allowed Americans to trade products illegally on margin.

A number of agencies are investigating the Binance exchange. Coinbase Global Inc. recently withdrew its upcoming loan product after receiving a notice from Wells that the Securities and Exchange Commission was threatening to sue the company over it.

Everyone is hiring in all roles right now, Daniel Adler, founder of CryptocurrencyJobs.co, said in an email. At the start of the year, some teams were looking to double in size. Some have already done so and are looking to develop further. Hiring is very competitive. And it’s the strongest I’ve seen since Cryptocurrency Jobs launched in 2017.

Photo credit: Bloomberg

Top companies that have hired in recent months include Kraken and Coinbase, as well as more traditional companies like Accenture, KPMG, PayPal Holdings Inc. and JPMorgan Chase & Co., according to LinkedIn. Decentralized funding schemes – those that allow users to exchange, borrow, and lend coins without using centralized middlemen – have led to hiring on CryptocurrencyJobs.co, Adler said.

You will find most of the opportunities within the Ethereum ecosystem, where many DeFi projects live, he said. Other ecosystems have also emerged and contribute to demand, such as Solana. You will also find more non-crypto companies looking for crypto talent. This contrasts with previous years, when the demand for crypto talent was (almost only) limited to crypto startups.

Many employers not only offer high wages and bonuses but also token allowances, Adler said. And the people who get the jobs come from all walks of life.

You’ll find former high school teachers, Wall Street financial services professionals, college dropouts, lawyers, academics, people straight out of college, tech and industry, Adler said. . The other great thing about crypto is that it doesn’t matter if you are in Silicon Valley, India, or Nigeria, or what your background and credentials are.

(Except for the title, this story was not edited by NDTV staff and is posted from a syndicated feed.)

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