K33 Research: United States Holds Strong as Crypto Employment Hub - Investor Bites

K33 Research: United States Holds Strong as Crypto Employment Hub – Investor Bites

Time Stamp: July 8, 2023 7:06 AM
K33 Research: United States Holds Strong as Crypto Employment Hub - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • United States maintains its position as the primary hub for crypto-related employment with 30% of the global crypto workforce.
  • India emerges as a leader in the crypto employment sector, surpassing China with a 20% market share.
  • Crypto industry employs 190,000 individuals globally, with exchanges and brokerages employing the largest portion of the workforce.

The crypto industry’s labor market continues to thrive, with the United States maintaining its position as the primary hub for crypto-related employment, according to a recent analysis conducted by K33 Research, an integral part of the renowned crypto trading business.

The research reveals that approximately 30 percent of the global crypto workforce is based in the United States, and Andrews Helseth, the vice president of K33 Research, confidently predicts that this trend will persist.

K33 Research estimates that there are currently 10,000 businesses operating in the crypto industry, collectively employing a staggering 190,000 individuals and boasting a total worth of $190 billion. The largest portion of the workforce, approximately 60 percent or 62,400 people, can be found employed by exchanges and brokerages.

The financial services sector follows closely behind, employing 48,500 individuals, while blockchain analytics and mining enterprises rank third, providing employment for approximately 40,000 professionals.

NFTs and gambling, on the other hand, represent the smallest portion of the workforce, with only 12,000 individuals engaged in these areas. The “other” category, encompassing various roles within the industry, accounts for 24,800 positions.

Surprisingly, the research indicates that Asia and Australia collectively house around 35 percent of the world’s crypto workforce, with India emerging as an unexpected leader in this regard.

K33 Research attributes India’s success to its affordable labor standards and exceptional competence, allowing the country to capture a remarkable 20 percent market share in the crypto employment sector, surpassing China.

Despite recent regulatory uncertainties, the United States remains a pivotal force in the crypto industry, as affirmed by Helseth. While acknowledging that regulatory challenges may cause some short-term disruptions, he emphasizes that the United States will continue to be a “center of gravity for the crypto industry” due to its technological expertise and abundant capital resources.

Helseth also expresses astonishment at the swift entry of traditional powerhouses such as BlackRock into the industry during a period of low market activity, further solidifying the United States’ influence in the crypto space.

Moreover, several countries known for their crypto-friendly environments, including Hong Kong, Singapore, the United Arab Emirates, and Switzerland, have attracted substantial populations of crypto workers, thanks to their well-defined norms and regulations. However, Helseth notes that while businesses may be enticed to establish their presence in these countries, workers may be less inclined to relocate.

In conclusion, the crypto industry’s workforce continues to thrive, with the United States at the forefront, closely followed by India’s unexpected emergence as a major contender. Despite regulatory challenges, the United States is predicted to retain its status as a key player in the industry due to its technological prowess and abundant capital resources. Additionally, crypto-friendly countries worldwide are attracting attention, although challenges remain in enticing workers to relocate.

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