Number of people working in crypto peaks in 2021 but still remains high despite decline

Number of people working in crypto peaks in 2021 but still remains high despite decline

The number of professionals in the crypto sector has increased significantly in recent years, according to recent data. In 2019, the number of people working in crypto was around 73,000. This number rose to a peak of over 211,000 in 2021. The total number of people working in the crypto space is expected to reach nearly 190,000 people by 2023.

The increasing number of professionals in the crypto sector is closely linked to the growth of the Bitcoin price. Bitcoin price reached an all-time high of $68,000 in November 2021 and has seen an increase of over 300% between 2019 and 2021 compared to the average annual price of around $7,200 in 2019.

Some large companies in the crypto industry have significantly increased their workforce in recent years. Cryptocurrency exchange Kraken has increased its global workforce by more than 150% since 2019. Kraken Chief People Officer Pranesh Anthapur emphasized the importance of having the right talent to scale operations. He explained that Kraken relies on consistent staff retention even in bear markets.

Hardware wallet company Trezor has also increased its workforce by 120% since 2019. CEO Matej Zak emphasized the importance of building and retaining talent over the long term. Trezor tries to retain and promote talent even in bear markets instead of reacting to short-term market trends.

However, there have also been several rounds of layoffs in the cryptocurrency industry. Companies like Coinbase, Binance, Crypto.com, Dapper Labs and Kraken have laid off employees in the past year. According to Binance, more than 1,000 employees have been laid off in the last few weeks alone.

It is interesting to note that some large crypto companies appear to have never employed more than 100 people. Tether, the issuer of USDT, the world's largest stablecoin and most traded cryptocurrency, only has about 60 employees. A company representative emphasized that Tether has always taken a cautious approach to hiring employees and focuses on the well-being and future prospects of employees.

Overall, the increasing number of professionals in the crypto sector shows the growing interest and importance of this sector. Companies recognize the need to recruit and retain the best talent in order to be successful in this dynamic market.