Amid correction in virtual currencies, crypto job openings slow down in Oct 

From 1,100 active job openings in Indian crypto start-ups space in October 2021, the number has dropped to just 200 openings in October 2022.

Published: 09th November 2022 08:55 AM  |   Last Updated: 09th November 2022 08:55 AM   |  A+A-

Cryptocurrency (Photo | PTI)

Cryptocurrency (Photo | PTI)

Express News Service

BENGALURU:  From 1,100 active job openings in Indian crypto start-ups space in October 2021, the number has dropped to just 200 openings in October 2022. Overall, over 12,500 active job openings are available in the Web3, blockchain, crypto and crypto-linked domains in India. However, this is 26% less compared to 17,000 job openings in July 2022, shows a report by staffing firm Xpheno.

After an interim rise in talent demand and hiring action, Web3 and crypto jobs have rolled back to nearly the same level in October 2021 -- 12,000 openings. Experts say crypto market is undergoing a critical correction period. Bitcoin has been steadily falling and on Tuesday, it was trading below $19,500. When asked about reduction in job opportunities in crypto space, Alankar Saxena, CTO and co-founder, Mudrex, said this kind of bear market is common across all financial markets.

“The hiring has decreased compared to the hiring cycle observed at the beginning of the year. It is an anticipated and expected drop. There was a flurry of new start-ups hiring for many new roles at the height of the bull run. However, companies focusing on building efficient products have continued to grow their sphere,” he added.

Bengaluru remains the hotspot for blockchain and crypto jobs as there are 3,000 job openings in the city as against 1,800 in the year-ago period, the report showed. Hyderabad and Chennai too have openings of 1,800 and 1,400, respectively. From only 500 openings in October 2021, Delhi has 1,300 openings as of October 2022. As Web3, crypto and blockchain ventures have a longer horizon for maturity, their investment on specialist talent is in line with their long-term plans, said Anil Ethanur, co-founder, Xpheno.

“As the market has cooled down after a hyper-hiring phase, these ventures have slowed down their funnels to be in tune with their funding flows,” he added. IT Services & Business Process Management sector remains the largest consumer of blockchain and crypto talent with 64% of the current openings.

As far as package is concerned, average salary for the niche and specialist skills have remained in line with the previous quarter. A blockchain specialist (SME-Developer, Architect) with 2-5 years experience takes home anywhere between `13-32 lakh per annum in Tier 1 institutes. 



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp