Rise in Crypto Employee Headcount Fueled by Exchanges

In Brief

• The cryptocurrency industry's workforce has surged by 160% since 2019, with most employees in small to medium firms.
• Around 30% of all crypto employees are based in the US, but Africa and Southeast Asia are emerging as major hubs.
• Binance, OKX, and Crypto.com top the list of crypto employers in Asia, with the region leading in crypto adoption.

A new report by K33 Research suggests that the headcount in the cryptocurrency industry has risen 160% since 2019, even as Asia’s crypto adoption statistics outpace the US.

Most employees work in small to medium-sized companies, while larger companies employ a large chunk of the overall workforce. The majority of large firms use remote work models and have a physical presence in regions with crypto-friendly regulations.

Centralized Platforms Dominate Rise in Headcount
About 30% of all crypto employees live in the United States, with Africa and Southeast Asia emerging as hubs. Market depth and expertise from major US West and East Coast hubs have seen several crypto firms set up shop there.

Roughly 20% of the 190,000-strong workforce is working on projects connected to blockchain activity. The industry sub-sector employing the most people is cryptocurrency exchanges and brokerages, with 62,000, and crypto financial services, with 48,500.

The employment growth comes in tandem with the rise in crypto adoption. Asia and Australia lead with 262 million owners, followed by the US with 54 million.

Recently-passed regulatory regimes in Asia could boost crypto adoption further. Gemini co-founder Cameron Winklevoss predicted the next bull market would start in Asia, which seems to dovetail with the region’s superior ownership statistics.

Meanwhile, India and China dominate crypto employment in Asia. Binance, OKX, and Crypto.com are the top employers.

Expansion of Crypto Exchanges Fueling Employee Increase
The news of the growth in the crypto employee base comes as several companies expand operations in new regions.

Binance recently re-launched in Japan, taking advantage of crypto regulations revised after the fall of Mt. Gox in 2014. It also set up a local operation in Kazakhstan amid probes by US regulators.

Though not as large as Binance, Gemini Exchange recently said it would expand its Singapore operation by 100 employees. At the same time, it is also considering Hong Kong and the UK as destinations.

USDC issuer Circle confirmed earlier this year that it wants to see an employment increase of 25% in 2023.

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