Crypto Industry’s Talent-Demand Supply Dynamic Notably Diversified in 2023, Good Scope Ahead: Unocoin CEO

More established firms started small experiments with Web3 in 2023 after regulatory landscape took some shape on an international level.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 January 2024 17:00 IST

Crypto Industry’s Talent-Demand Supply Dynamic Notably Diversified in 2023, Good Scope Ahead: Unocoin CEO

Photo Credit: Unsplash/ Headway

India’s LinkedIn space saw around 3,690 job openings in 2023

Highlights

Web3 jobs are opening in sectors of research and consultation
G20’s crypto roadmap, EU’s MiCA rules expected to drive job openings
UN among several organisations driving education, training in Web3

The regulatory and safety concerns kept the global crypto market highly volatile in 2023. This made 2023 the slowest year for crypto since 2019. The number of job openings in the Web3 sector also registered ups and downs last year – where opportunities did diversify on the global level but saw a reported decline of over 15 percent. In conversation with Gadgets360, Unocoin's Sathvik Vishwanath said that the talent demand-supply dynamic of the crypto industry has diversified and moved beyond classic developer roles in the last one year.

More established firms started small experiments with Web3 in 2023 after the regulatory landscape took some shape on an international level. Under India's presidency, the G20 nations adopted a roadmap to regulate the crypto sector that is gradually making inroads into the industry. European Union's MiCA regulation, meanwhile, has also started to attract players from the Web3 industry to set shops within its jurisdiction.

As sector regulations begin taking shape globally, more Web3 and crypto-related jobs found their way onto search portals.

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“With startups, established companies, and traditional financial institutions actively recruiting skilled individuals to navigate the evolving crypto landscape, professionals with expertise in decentralised finance (DeFi) and blockchain have emerged as particularly sought after,” Vishwanath told Gadgets360.

As per the Coincub's Blockchain Jobs Report 2023, India's LinkedIn space saw around 3,690 job openings in 2023. Comparatively, Germany, the US, France, the Netherlands, and Spain generated more jobs in Web2 last year.

Some of the top job profiles in Web3 last year were crypto investment manager, legal expert, blockchain product manager, crypto researchers, crypto security consultant, NFT specialist, data analyst, and crypto marketing manager alongside the typical roles of crypto and blockchain developers.

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Vishwanath believes that the year of 2024 will see the jobs landscape around Web3 expand and mature overall – but the space is still riddled with challenges, he noted.

“Despite regulatory clarity and institutional adoption contributing to job demands in Web3, challenges persist, such as a shortage of professionals with the necessary skill sets. Educational institutions are working to bridge this gap, but the rapid pace of technological advancements often outpaces traditional learning programs,” the Unocoin honcho added.

In the last few months, many global authorities have undertaken the responsibility to drive training and education around Web3. The United Nations Development Programme (UNDP) has decided to launch a blockchain academy in 2024. Through this initiative, the UNDP is also looking to train 22,000 staff members in blockchain and Web3 technologies.

In India, crypto players like CoinCX and Binance as well as organisations like the Bharat Web3 Association are working to propagate technical training in the sector.

Data from 2022 indicated that crypto jobs had risen by 804 percent increase between April 2020 and April 2022. The catastrophic fall downs of projects like FTX and Terra in 2022 totally impacted the trajectory of the industry in 2023. The crypto sector valuation, that was over $3 trillion towards the end of 2021 – was valued at $1.65 trillion at the end of 2023.

“Looking ahead, the talent landscape in 2024 will likely be characterised by fierce competition, leading to increased salaries and incentives for qualified professionals. Interdisciplinary expertise combining blockchain knowledge with finance, law, and cybersecurity will become increasingly valuable, emphasising the importance of continuous learning and adaptability for thriving in the dynamic and rapidly expanding crypto job market,” Vishwanath noted.

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Further reading: Cryptocurrency, Crypto Jobs, Unocoin, Sathvik Vishwanath

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More