Crypto Jobs on the Rise—Firms Compete for Adepts
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Crypto Jobs on the Rise—Firms Compete for Adepts

Jobs in the Blockchain industry are on the rise and crypto-educated workers are more sought-after than ever.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

As crypto adoption continues to surge, so does the demand for accomplished and experienced talents with relevant skills in the industry. According to a recent report, leading crypto firms are striving to find suitable candidates to fill the dozens of their vacancies. 

While cryptocurrencies have been around merely since 2009, the market for these speculative assets has grown outstandingly. Year to date, the total market capitalization of cryptocurrencies is up by a staggering 400%, despite a rout in May. This can be an indication that the demand for top crypto talent will continue rising — and won’t diminish anytime soon.

Blockchain and Crypto Experts Needed

The insufficiency of an expert workforce in the booming industry of cryptocurrency is prompting notable competition among firms that are on the lookout for the industry’s top talent. Reportedly, hundreds of positions in the major crypto businesses are waiting for the right talent.

For instance, Binance, the world’s largest cryptocurrency exchange in terms of trading volume, currently has 833 job openings globally, with the latest one being posted just yesterday. Another prominent cryptocurrency exchange Gemini aims to expand its Singapore headcount from 30 to 50 by December. Hong Kong-based exchange platform is presently recruiting for 215 vacancies.

Binance CEO, Changpeng Zhao, said to Bloomberg:

“We are hiring aggressively. We see the industry growing exponentially on a year-to-year basis, and we need to scale our team to cope with it. We are a geo-equal-opportunity employer. We don’t mind where people are, as long as they produce results.”

Aside from exclusive crypto-related firms, a broad range of fintech and technology services companies are also looking for blockchain and crypto talents. Apple, for example, recently posted a job opening for a business development manager for alternative payments with experience in cryptocurrency.

While the Apple job requires 10 years of experience and a minimum five-year track record with alternative payment services such as cryptocurrency, other firms are lowering expectations to find matches. Amazon, for instance, has posted a software development engineer for its AWS blockchain and only demands 2 years of non-internship professional experience.

Blockchain Applications Go Beyond Cryptocurrency

Blockchain technology has the ability to create transparency and fairness through automation and removing the need for intermediaries, which helps save time and money. Most people came to know this emerging technology through cryptocurrencies, though blockchain has applications across a variety of other businesses, too. 

For instance, blockchain can enable secure, efficient payments in cross-border transactions. This is why Ripple uses this technology, along with digital assets, to facilitate instant and reliable cross-border transfers for financial institutions. Moreover, Banco Santander, a Spanish multinational financial services company, had previously launched its new international payment service which uses blockchain technology.

Surprisingly, blockchain technology was even used to fight against Covid-19, enabling efficient tracking and monitoring to ensure a transparent supply chain of vital products. In addition, according to research from Chr. Michelsen Institute, blockchain technology can prevent corruption where big money is included — e.g., Covid-19 funds.

And with each passing day, new blockchain applications are discovered. Recently, Australian real-estate group Mirvac announced that it aims to develop a blockchain-based platform that tracks the provenance of buildings through a partnership with accountancy giant KPMG. 

The fact that blockchain removes the need for intermediaries can alone showcase how big this technology will get. Indeed, it will be a matter of time until governments start to adopt this technology and create digital IDs by encrypting their citizens’ identities on the blockchain. Such advancement will then allow for digital voting, which will be the first election with zero corruption in world history imaginable.

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DeFi is the Future of Finance 

Thanks to blockchain technology, DeFi facilitates a permissionless, decentralized financial ecosystem easily accessible to everyone. DeFi is not only faster, cheaper, and open to everyone, it is also more carbon-efficient when compared to other financial institutions. 

In 2020, banks produced about 3% of global emissions, and a limited number of these banks plan to reduce their emissions. In fact, it was just recently that a few big banks including Bank of America, Morgan Stanley, and others committed to reaching net-zero emissions, though by 2050.

On the other side, many crypto exchanges and DeFi companies plan to become carbon-neutral by 2025 — 25 years ahead of major US banks. Besides, just today, crypto exchange Gemini announced that it has bought $4 million in carbon credits to offset the environmental impact of its Bitcoin holdings.

With DeFi being so promising in playing an important role in our future financial system, the demand for blockchain and cryptocurrency experts will further increase over time. Not to mention that even now, there is plenty of demand for skilled blockchain experts. 

Learning Blockchain Is Clever

Clearly, as of now, there is plenty of demand for blockchain experts. However, with the future holding so much more for this technology, the demand would be unparalleled. 

Traditional financial firms such as Goldman Sachs Group Inc., Bank of New York Mellon Corp., and DBS Group Holdings Ltd. are starting to offer cryptocurrency services and trading. Further, the likes of CME Group Inc. are expanding crypto derivatives offerings, and other Wall Street giants like Citigroup Inc. are entering the crypto world.

Since these financial giants would aim for the most skilled individuals, the competition for blockchain and crypto experts would get next level fierce. Considering all these, it would be pretty smart of someone to learn blockchain and become part of the sought-after blockchain and crypto experts.

Do you think working in the blockchain industry would be fun? Are considering learning blockchain? Let us know in the comments below.