Posted 2 years ago | by Ben Armstrong
Crypto Hiring Falls From 2018, Talent Moving to Development Hubs
According to Linked In’s 2018 Emerging Jobs Report, “Blockchain Developer” is the top emerging line of work with 33x YoY growth. However, “Blockchain Developer” was not found on the report in 2019. Crypto hiring is not as hot as 2018, but the industry is holding up well.
It would appear that there is a big correlation between the number of people being hired in the crypto sector, and the price of Bitcoin. As the 2018 crypto bear market pushed into 2019, the number of crypto jobs that were listed on Linked In fell as well.
There was a lot of hype in the crypto sector in 2018, and it looks like 2019 was a year of both price consolidation, and job stabilization.
Engineers are in Demand - Crypto and Blockchain
More than 60% of the available blockchain and crypto opportunities are engineering-related and the last 35% is split between Operations, Marketing, Business Development, Legal and Design. The blockchain and crypto industry is still young, and many projects are still in their early stages.
In the beginning of a company's lifecycle, it has tr build a platform or technology for the marketplace, and a company will need loads of engineers to do this. As time goes on, the company will need less engineers, and more business development, marketing, and operations employees.
As the blockchain and crypto sector is still very young, we are likely years away from a move that employs more outside of the engineering field.
Post-bubble Talent Shifts
In 2017 to 2018 the crypto markets were hot.
The price of cryptocurrency shot higher, and the price of talent was also on the rise. After two years, there have been some high profile changes, and some people have left the crypto industry to look for greener pastures.
Some of the biggest crypto-to-crypto shifts in 2019 were:
Catherine Coley moving from Ripple to BinanceUS
Hunter Merghart moving from Coinbase to BitStamp
Adam White moving from Coinbase to Bakkt
Christine Sandler moving from Coinbase to Fidelity Digital Assets
Tim Plakas moving from Coinbase to Galaxy Digital
Bobby Cho (Cumberland) and Dan Matuszewski (Circle) to CMS Holdings.
The average working time for individuals within the blockchain industry is less than 1.5 years. According to LinkedIn, larger companies in the industry have faced employees losses since 2018.
Talent is Moving to Development Centers
The most opportunities in the (US) blockchain industry exist in two cities, San Francisco and New York City. New York City is the home to the US financial industry, and San Francisco is the tech development hub of the nation.
Globally Singapore is attracting a lot of talent, as it combines a high tech workforce with an accommodative banking industry that has the support of the nation's government. 2020 will likely see a continuation of 2019 trend toward consolidation, as blockchain and crypto projects continue to develop at a sustainable pace.