The crypto industry has seen a significant increase in the number of people working in it over the past four years. According to a report by K33, the total headcount of crypto professionals has grown by nearly 160% since 2019, amounting to approximately 190,000 people in 2023. This growth was highest in 2021, when the industry peaked at more than 211,000 professionals. This coincided with Bitcoin’s all-time high price of $68,000 in November 2021.
Major industry companies are reflecting K33’s findings, such as Kraken, which has increased its global headcount by more than 150% since 2019. Similarly, Trezor has increased its headcount by 120% since 2019. Both of these firms are focusing on building and retaining talent for the long-term, rather than hiring and firing based on short-term market frenzies.
Unfortunately, the industry has also seen multiple rounds of layoffs in the past year, including at Coinbase, Binance, Crypto.com, Dapper Labs, and Kraken. Binance, for example, has reportedly laid off more than 1,000 employees in its recent headcount cut.
On the other hand, firms like Tether have never employed more than 100 people. A spokesperson for Tether told Cointelegraph that they prioritize the well-being and future prospects of their employees and have maintained a cautious approach to hiring. They have not downsized their staff even during previous downturns in the crypto market.
