The crypto space is growing. Each and every day, millions of dollars are flowing into the market to get a piece of some of the most innovative technology in existence. As you might have guessed, this demand for crypto has fostered incredible growth within the industry. Now that the green light has been given in the United States for banks to custody cryptocurrency, the demand for crypto-trained individuals will only continue to grow.
There is just one small problem: it seems that the interest in cryptocurrency and by extension its price, are rising much faster than the growth of the infrastructure necessary to support it. Here is an easy example: crypto.com rolled out their cryptocurrency debit cards. Suppose 100 000 people buy one of their debit cards. What happens if there is an issue? Could a customer support team of a few dozen people handle the tens of thousands of requests coming in? Not a chance!
The fact of the matter is that there is a huge shortage of labor in the cryptocurrency space. At the same time, new projects are emerging and growing so quickly that they are desperate to find someone who even just barely understands cryptocurrency (because let’s face it, most people investing in the space don’t really understand the technology behind Bitcoin, much less more elaborate projects like Ethereum).
The good news is that this low barrier to entry makes it relatively easy for new people to enter the space. If you want to work in crypto, chances are you won’t need any sort of degree or even a long track record of experience (although that always helps, no matter where you go). Furthermore, there are only a handful of programs which offer studies related to cryptocurrencies, and there are even less which focus around cryptocurrency specifically. This makes sense, because the number of people in the space whom you could consider to be well-read enough to be teachers is in the dozens!
So, this begs the question. How many people work in cryptocurrency? While it is hard to pin down a solid number, multiple news reports by Coindesk, Hackermoon, and Cointelegraph over the years seem to hint that the number of people working in cryptocurrency is somewhere between 30 to 50 thousand. When you realize that the number of cryptocurrency wallets goes well into the millions, it really highlights how much of a lack of support there is for the growing demand.
As you might have guessed, the primary employers in the crypto space are exchanges. The workforce of crypto exchanges are at least 50% of the total crypto workforce. Most of these positions involve customer service, content writing, and technical support. Almost every major exchange is constantly hiring, and even offers remote work opportunities. The introduction of KYC regulations in Europe, for example, has led to a huge spike in demand for KYC officers for cryptocurrency companies.
The crypto market is quite literally booming. So where should you look for work? As we just noted, cryptocurrency exchanges have no shortage of positions, but you may find yourself working in an entry level position with little potential for growth. If you are willing to relocate, many cryptocurrency projects (even some of your favorites – you’d be surprised!) are starving for talent. They are often looking for data scientists, designers, blockchain developers, content writers, and marketing strategists that can help their projects stand out from the pack.
Again, while the majority of these jobs will be located in either North America or Europe, many of these companies give you the opportunity to work remotely, and usually the only requirement is that you speak English and have a functional knowledge of cryptocurrency. The more experience you have the better, and there are plenty of free resources out there to help you get started if you are completely new to cryptocurrency (our website is one of them!). Also consider searching to see if there are any cryptocurrency projects in your area. You may be surprised at what you find!
If you have lots of experience in the crypto and are looking to start your own project or be a part of the big leagues, consider looking at Crypto Valley. Crypto Valley is the nickname of the Canton of Zug in Switzerland, just half an hour away from Zurich. This area contains some of the largest and most reputable cryptocurrency projects and venture capital firms in the world. It is quite literally the Silicon Valley of cryptocurrency. If you believe you have the chops to spar with the big players, that is where you should set your sails to.
If you are currently looking for work in the crypto space and can’t seem to find any job postings anywhere which suit your needs, you should always try reaching out to the companies you are interested in working with. As with finding regular employment, the stand practice of sending in resumes and filling out forms will probably not get you very far. You have to use different, sometimes even unorthodox means of throwing your hat in the ring. Hint: social media is always a great option here, specifically reaching out to people who are part of the project you are interested in working for.
Finally, it is worth mentioning what the future of the crypto job market looks like. Various studies have found that the number of available cryptocurrency jobs is highly correlated to the price of Bitcoin and the overall activity of the crypto markets. Well, adoption of cryptocurrency is continuing and perhaps even accelerating given current events (e.g. money printing). This means that the crypto job space will continue to grow along with it. If you play your cards right, you might just become an employee of the next Google or Facebook, or even start your own crypto-based Fortune 500 company.