A review of the digital ecosystem shows contrasting staffing approaches that collectively have increased the crypto headcount. The industry giants, for instance, Binance, employ and dismiss many people. However, other crypto giants like Tether have only 60 workers.
Over the past four years, the number of persons working in the crypto industry has risen, defying speculators’ perspective that high-profile cryptocurrency implosions have led to mass layoffs.
Crypto Assets Industry Realizes Increased Headcount
Findings by K33, a crypto research startup, show that since 2019, the number of crypto-associated workers has risen nearly 160 percent. In its ‘The Emerging Crypto Industry’ report approximated that as of 2023, the overall headcount of persons working in the industry was approximately 190000 people. Besides, it claimed that in 2019, the number of persons in crypto was nearly 73000.
This data reveals that the overall staff numbers in the crypto industry peaked in 2021 at more than 211000 experts. This growth amid Bitcoin’s all-time price recorded in November 2021, which stood at $68000.
Despite an 11 percent reduction in crypto employees since 2021, the number is still considerably higher compared to four years ago. CoinGecko shows that the rise tracks the Bitcoin price’s dynamics, which rose more than 300% from its average yearly price of nearly $7200 in 2019.
Crypto Projects Increasing International Headcount Aligned to Expansion Beyond US
Some major industry organizations’ data replicates findings by K33, although others seem to be trailing. Kraken is a primary currency that is adding to its international headcount. Pranesh Anthapur, the organization’s chief people officer, revealed that since 2019, the number of staff has increased to more than 150 percent.
Anthapur claimed that bear markers underpin the significance of securing the appropriate talent to scale one’s operations. It is difficult to upset traditional finance’s basics. He also claimed that staff retention by Kraken stays consistent between bear and bull cycles.
Pursuit of Talent and Expertise Behind the Increasing Headcount
Matej Zak, the Chief Executive Officer of Trezor, a major hardware wallet company, revealed that since 2019, its headcount has risen by 120%. The firm’s primary focus is to build and retain talent for the future. He also claimed that Trezor has been striving to retain and enhance talent in the bear market. This contrasts the repeated employment and dismissal on the basis of short-term market turmoil.
The CEO also revealed that they have been in the industry for a decade, meaning they are fully aware of the extent to which bear markets can be challenging and appropriate plans are implemented. He also stated that during the recent bear market, they continued hiring instead of reducing staff.
Crypto Exchange Worst Hit by Downsizing Workforce
On the contrary, several rounds of layoffs have been reported in the cryptocurrency industry in the past year. Firms such as Crypto.com, Coinbase, Kraken, Dapper Labs, and Binance have been affected.
Online reports reveal that in the recent headcount over the past few weeks, Binance has allegedly dismissed more than 1000 workers. The supposed dismissals came following the company’s announcement in May that it would reduce its staff by 20 percent.
Binance chief executive Changpeng Zhao dismissed the layoffs rumors instead terming the headcount reduction a routine housekeeping activity. The executive indicated that the media is blowing the figures to unwarranted scale.
Major Crypto Organizations with Modest Staff
Despite some companies dismissing a significant number of persons, some crypto organizations have never hired more than 100 persons. For instance, Tether issues the globe’s primary stablecoin and the most-traded cryptocurrency. As revealed by its spokesman, the firm has nearly 60 employees.
The representative also stated that the organization has always maintained caution while hiring. In this case, the management stresses the workers’ well-being and prospects, as shown by the track record of failing to dismiss staff even when the crypto market is experiencing a downturn.