Crypto industry jobs decline 10% over past year, report finds

Quick Take

  • The crypto industry has lost about 10% of jobs over the past year, according to a new report.

Crypto employment has declined 10% in the past year, with around 190,000 people now working in the industry compared to 210,000 in 2022, according to a recent study from K33 Research. 

"Lots of people have lost their jobs, and many firms are being kept afloat by the significant amounts of funding received in early 2022," K33 executive Anders Helseth told The Block.

The report noted that there are currently around 10,000 companies in the industry valued at around $180 billion. About 60% of all crypto workers are employed by companies focused on trading and investment.

Only 6% of workers are involved in the NFT sector, while 21% participate in blockchain protocols, analytics, and mining operations. 

Binance is the exception

"The general trend is that many firms have gotten rid of a lot of people, with the exception of Binance," Helseth said. That's despite recent headlines surrounding departures and layoffs at the company and reflects the exchange’s early January announcement to attain 30% hiring growth in 2023.

"We have them at about 7,000 employees across the globe," Helseth added. This compares to Coinbase, which is in the region of 4,000 employees."

Nearly 30% of the 190,000 crypto workers reside in the U.S., and Helseth believed the trend will continue, with the U.S. being "a center of gravity for the crypto industry."

The report found the combined Asian and Australian region accounts for roughly 35% of the global crypto workforce. India had 20% of this Asian workforce, overtaking China.

The continent of Europe, meanwhile, had 24% of global crypto jobs, with the UK taking the number one spot in the region with 13,000 positions.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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