The job scenario in the cryptocurrency industry

By Sricharan C

The Union Budget 2022-23 helped advance crypto assets towards recognition and adoption. It’s precisely this sort of momentum that many in the industry have been looking for, especially professionals seeking a career in the space. Statistics back this notion. 

An Indeed report shows that Indian blockchain jobs have increased by as much as 138% since August 2018. Indian crypto and Web3 job postings too have seen upward momentum throughout 2021. According to the specialist staffing company Xpheno, the cryptocurrency sector is responsible for more than 10,000 active jobs in India. 

What’s driving this bullish sentiment?

As per data by LinkedIn, the job postings on the platform were up by 395% in August 2021 compared to the same period the year before. The crypto sector creates a great demand for blockchain developers, and India has the largest pool of developers. It does make one wonder what can aspirants look forward to while building a career in the crypto industry?

Opportunities for Talent Development 

With new platforms being developed that are entirely decoupling themselves from Web2 standards, there’s a tremendous interest among industry insiders in making a gradual shift from Web2 to Web3. Crypto firms are continually identifying skill gaps in their human capital, devising effective methods to bridge these gaps (via skill training, upskilling and more), and enabling a culture of continuous learning and development.

Work Flexibility

The crypto sector has embraced remote and hybrid work cultures exceedingly well. This makes room for talent diversity while also promoting flexibility. At WazirX, while teams work remotely, the company also provides several opportunities for in-person collaboration. Working remotely also enables organizations to attract talent from across the nation thereby developing a culture focused on diversity and inclusion. Being location-agnostic allows the HR teams to focus on building strong and competent teams that can create meaningful impact from anywhere.

An Open Culture With a Focus on Wellness

The crypto industry is currently filled with young, vibrant and passionate professionals who are full of inspiring and innovative solutions to every challenge that comes their way. Continuous collaboration and feedback help these professionals to improve their performance and make ongoing improvements at work.

A culture of continuous feedback, appreciation, and recognition helps with workforce motivation and in delivering consistent results. The crypto industry is focusing on recognizing employee contributions and prioritizing mental and physical wellness. Creating structured and unstructured listening channels to tap into employee sentiment; building a culture of continuous improvement; HR frameworks that encourage peer-to-peer learning and recognition and creating employee-centric benefits and wellness programs enable high-functioning teams and continue to generate interest from the nationwide talent pool. It is also important to ensure a culture fitment while hiring new talent to help build a sustainable team focused on long-term growth.

Take the example of NFTs or the metaverse – both emerging trends that demand a tech and non-tech talents like UI/UX developers, content creators, copywriters, community moderators and legal experts.

Despite all legal uncertainties, funding from institutional and angel investors in Indian crypto ventures hit a record high in 2021. As a result, Crypto and blockchain startups in India raised a record $524 million in 2021. That aside, many international entities are on their way to setting up blockchain research centers in India.

India is a country with over 200 million crypto users. The year 2021 witnessed over $100 billion in crypto trading volumes. The increase in crypto adoption along with the innovative approach to HR structures and systems is driving an increasing interest for employment in this sector.

The author is head of HR, WazirX

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