NEW DELHI: As the demand for cryptocurrency has grown in recent times and several start-ups have started operating in the space, a growth spurt is being seen in the crypto job market. Job platforms are seeing an increasing number of open roles mentioning “bitcoin,” “cryptocurrency” and “blockchain” and many crypto and non-crypto companies are hiring for these positions. From positions like blockchain investigation analyst, blockchain developer, crypto exchange manager to cryptocurrency marketing executive, crypto journalist and crypto content writer among others, the job openings cover a wide spectrum of functions.
Staffing firm Quess has witnessed a monthly increase of 10-15% in cryptocurrency-related technology jobs. Vijay Sivaram, CEO, Quess IT Staffing, says, “There has been a steady growth in cryptocurrency-related technology jobs. We anticipate that with the government formalising policy in this space, the demand for talent will explode manifold.”
As of now, cryptocurrencies are under no regulation in India, which makes it a grey area for Indian investors. A cryptocurrency bill, however, has been tabled before the Union Cabinet and awaits its approval. Sivaram adds technology jobs are expected to see a significant upsurge as businesses prepare to adopt a new way to transact. “Developers who specialise in Java, C++, NodeJS, etc. with exposure and expertise to blockchain platforms such as Solidity, Go, etc. and have working knowledge of core architecture of Ethereum, Bitcon, Tron, Hyperledger, EOS, Binance etc. are in demand.”
Most crypto companies are not looking for crypto-traders and in-depth knowledge of cryptocurrency is not a necessity for the hiring process, according to industry experts. “Around 60% of our employees were not crypto traders or investors before they joined WazirX. We do get applications from crypto traders and enthusiasts regularly. However, their selection would depend on the alignment of their skills with the available roles,” says
Nischal Shetty, Founder & CEO, WazirX, informing TNIE that they are actively hiring for analytics, finance and engineering roles.From 1 million users in January 2021, WazirX has grown to 7.4 million users as of today. Currently, the company has around 189 employees and 80% of the firm’s current team was hired within the last 6 months.
Crypto start-up Vauld, which recently raised $25 million in funding, has seen more than 200% growth in its global user base over the last one year. Currently a team of 48, the start-up is planning on expanding it to 200 in the next year. “We share reading lists for applicants to have a basic understanding and once you are in, we have slack communities and calls led by blockchain experts within our team to answer questions and discuss the basics, news, and updates in the crypto market,” says Arushi Kumar, Marketing Lead at Vauld.
Another crypto company CoinSwitch Kuber, which has scaled to over 8 million users, touched the 200-mark in terms of headcount. The company plans to hire 200 more people by the end of this year, according to the company’s Chief Business officer Sharan Nair.
Gender gap at crypto workplace
A massive percentage of women from Tier-II and Tier-III cities have joined the crypto bandwagon, mentions the WazirX founder. Women from these regions contribute to 65% of the total signups by women on the platform from all over the country. While crypto platforms are seeing a significant rise in women investors, the workforce is dominated by men.
Women make for 24% of the total employees at WazirX, while the number stands at 27% and a mere 15% at CoinSwitch Kuber and Vauld respectively.Darshan Bathija, Co-Founder & CEO, Vauld says, “In order to encourage increased women workforce participation, we have introduced a double bonus programme, wherein if employees refer female candidates and the candidate gets hired, the employee who referred them will be given a double referral bonus.”