Nearly 190K people work in crypto, more than 50% located in the West

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The cryptocurrency industry has nearly 190,000 employees as of July 2023, according to new data from K33 Research.

This represents a notable increase from employment statistics prior to the crypto frenzy that began in 2020.

Crypto had a higher number of jobs in 2021, nearly 211,000 people, which coincided with high prices and business valuations, according to the report.

According to the researchers, around a third of the crypto workforce is found at exchanges or brokerages, underscoring their crucial role within the industry.

Another 26% are employed by companies offering a diverse range of cryptocurrency-related financial services.

Notably, only 6% of individuals are engaged in NFTs, while 21% contribute their skills to blockchain protocols, analytics, and mining operations.

Finally, the remaining 13% of employees are involved in cryptocurrency-related jobs that don’t fit neatly into any of the other categories.

The analysts obtained their data through methods such as LinkedIn searches, AI-assisted web searches, and hand mappings.

Crypto Firms Typically Hire Remotely to Cut Costs

The organizational structure of large crypto firms often makes it easy to work remotely, which results in a globally distributed employee base, according to K33.

Researchers have found that many large crypto companies have chosen jurisdictions with favorable regulations and lower tax rates as their headquarters.

These companies typically adopt a global employment strategy by establishing local offices around the world or implementing a fully remote work structure.

Such a head office functions as a practical solution to minimize costs and eliminate logistical barriers.

Analysts specifically mentioned Binance, noting that its headquarters are in Malta, but only 0.2% of its employees are from the island country.

Chinese Professionals Still Contribute Largely to Crypto

There is an overrepresentation of crypto workers in the western world, with around 55% residing in North America and Europe. In this figure, the United States represents 29% of the crypto workforce.

In Asia, India has emerged as the top employer in the crypto industry, with 20% of the regional workforce leaning into developer-related roles.

Despite China’s historically hostile stance towards the crypto industry, it remains Asia’s second largest employer with 15% of the region.

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