<\/p>\n
Despite several high-profile cryptocurrency implosions, the number of people working in the industry has soared over the past four years.<\/p>\n
According to findings by the crypto research startup K33, the number of crypto-related employees has surged nearly 160% since 2019.<\/p>\n
In a report titled “The Emerging Crypto Industry,” K33 Estimated<\/a> that the total headcount of people working in crypto as of 2023 amounted to nearly 190,000 persons. The estimations also suggested that the number of such professionals stood at just around 73,000 people in 2019.<\/p>\n According to the data, the crypto industry will peak in terms of total staff numbers in 2021 at more than 211,000 professionals. The growth came alongside Bitcoin’s (BTC<\/a>, all-time high price of $68,000<\/a> that was recorded in November 2021.<\/p>\n Although crypto-focused employees have reduced by around 11% since 2021, the number of crypto professionals is still significantly higher than four years ago. This increase appears to track the dynamics of Bitcoin’s price, which surging<\/a> more than 300% from its average annual price of around $7,200 in 2019, according to CoinGecko.<\/p>\n Data from some major industry companies reflects K33’s findings, though others appear to be trailing. One of those adding to its global headcount is major cryptocurrency exchange Kraken, which has seen staff numbers rise more than 150% since 2019, the firm’s chief people officer Pranesh Anthapur told Cointelegraph.<\/p>\n \u201cBear markets reinforce the importance of securing the right talent to scale your operation. Disrupting the foundations of traditional finance isn’t easy,\u201d Anthapur noted. He added that Kraken’s approach to staff retention remains “consistent between bear and bull cycles.”<\/p>\n Trezor, a major hardware wallet firm, has also increased the firm’s headcount by 120% since 2019, CEO Matej Zak told Cointelegraph.<\/p>\n \u201cMore importantly, we are focused on building and retaining talent for the long term,\u201d Zak noted. He added that Trezor has been moving to retain and improve talent even in bear markets, as opposed to cyclical hiring and firing based on “short-term market frenzies.” He stated:<\/p>\n \u201cWe’ve been in the industry for 10 years, so we’re well aware of how tough bear markets can be, and we plan accordingly. This means we didn’t have to cut staff during the recent bear market, instead, we continued to hire.”<\/p><\/blockquote>\n On the other hand, the cryptocurrency industry has also seen multiple rounds of layoffs over the past year, including at firms like Coinbase<\/a>, Binance<\/a>, crypto.com<\/a>, Dapper Labs<\/a> as well as Kraken<\/a>,<\/p>\n According to online reports, Binance has reportedly laid off more than 1,000 employees<\/a> in its recent headcount cut over the past few weeks. The alleged layoffs came after the firm announced a 20% reduction in staff<\/a> in May.<\/p>\n Related: <\/em><\/strong>Searches for ‘AI jobs’ in 2023 are 4x higher than ‘crypto jobs’ when BTC hits $69K<\/em><\/strong><\/a><\/p>\n While some major firms have been laying off thousands of people, some crypto giants have apparently never employed more than 100 people. Tether, the issuer of the world’s largest stablecoin and the most-traded cryptocurrency, USDT (usdt<\/a>), only has about 60 people working at the company, a spokesperson for the firm told Cointelegraph.<\/p>\n \u201cWe have always maintained a cautious approach to hiring. We prioritize the well-being and future prospects of our employees, as evidenced by our track record of not downsizing our staff even during previous downturns in the crypto market,\u201d the representative added.<\/p>\n Magazine: <\/em><\/strong>NFT Collector: Interactive NFTs the future for sports, Vegas Sphere excites<\/em><\/strong><\/a><\/p>\n <\/div>\n