Rise in crypto employees driven by exchanges

A new report from K33 Research states that the number of people employed in the cryptocurrency industry has increased by 160% since 2019.And Even as the statistics of cryptocurrency adoption in Asia outpace that of the United States.

Most of the employees work in small to medium sized companies, while larger companies employ a significant amount of the total workforce. The majority of large companies use remote work models and have a physical presence in regions with crypto-friendly regulations.

Central platforms dominate the rise in headcount

About 30% of all cryptocurrency employees live in the United States, with Africa and Southeast Asia emerging as the hubs. The depth of the market and experience from major hubs in the West and East Coast of the US has seen many crypto companies established there.

Approximately 20% of the 190,000 workforce works on projects related to blockchain activity. The sub-sector of the industry that employs the most people is cryptocurrency exchanges and brokerages, with 62,000, and cryptocurrency financial services, with 48,500.

Find out here how to get a job in the crypto sector.

Distribution of Crypto Employment by Industry Subsector | source: Research K33

Employment growth comes along with increased cryptocurrency adoption. Asia and Australia lead with 262 million owners, followed by the United States with 54 million.

Cryptocurrency adoption soars in Asia and Australia amid increased employment.
Regional Breakdown of Cryptocurrency Ownership | source: Research K33

Recently passed regulatory regimes in Asia could further boost cryptocurrency adoption. Gemini co-founder Cameron Winklevoss predicted the next bull market would begin in Asia, which seems to align with the region’s superior property statistics.

Meanwhile, India and China dominate cryptocurrency in Asia. Binance, OKX, and are some of the big employers.

The expansion of cryptocurrency exchanges is fueling the increase in employees

News of the growth in the crypto employee base comes as many companies expand their operations into new territories.

Binance recently relaunched in Japan, taking advantage of crypto regulations that were tweaked after the fall of Mt.Gox in 2014. It also set up a local operation in Kazakhstan amid investigations by US regulators.

Although not as big as Binance, Gemini Exchange recently said that it will expand its operations in Singapore by 100 employees. At the same time, it is also considering Hong Kong and the United Kingdom as destinations.

The USDC issuance circuit confirmed earlier this year that it wants to see hiring increase by 25% in 2023.

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