- Block Research shared that the crypto industry hired 82,200 employees in 2022.
- Trading and Brokerage accounted for 50% of the total crypto-related employment.
- Crypto.com laid off a total of 9,564 employees in 2022.
According to data published by Block Research on December 21, the cryptocurrency industry witnessed a rise in the number of employment opportunities despite the market being bearish for most of 2022.
According to the report, the crypto sector hired 82,200 employees in 2022, which is a direct 351% increase in recruitment when compared to 2009’s figure of 18,200. Moreover, as per the breakdown of the employment distribution, maximum hirings emerged from trading and brokerage accounts.
While trading and brokerage recorded the highest share of 50% or 41,136 hirings, the NFT and gaming sector followed after with the third highest employment share of 8%. NFTs have in general experienced a slowdown in 2022, nevertheless, they account for 6,738 hirings.
Meanwhile, CFS noted the second-largest share at 13% with 10,635 recruitments, followed by mining at 5% with 4,286 hirings. Additionally, domains including Infrastructure, DeFi, and Layer-1 created 5% (4,285), 5% (4,096), and 4% (3,376) job opportunities in 2022, respectively.
Game Studio accounted for a 4% share with 2,954 hirings, with DAI hiring 3% of 2,536 employees, and Web3 and enterprise employing 3% (2,206) and 0.36% (294) of the total 82,200 staff hired.
The researchers have added that with growing user interest in crypto, job opportunities will also expand. The study quoted,
With a noticeable growth in user adoption, a number of firms, and cash infusion in the industry, it becomes imperative that more employment opportunities will be generated to cater to the growing demands of the current operating market
However, with a rise in employment, came an increase in layoffs. 2022 observed the highest number of layoffs in the industry from the trading platform Crypto.com accounting for 24% at 9,564 layoffs. Coinbase, Kraken, and Bybit also each contributed 6% to the total number of laid-off employees.