Despite massive layoffs, LinkedIn and Indeed report surge in demand of crypto professionals

Despite the negative sentiments of the crypto markets and massive layoffs by leading crypto companies like Coinbase, Gemini, Crypto.com, and others, job search portals like LinkedIn and Indeed are reporting a surge in demand of crypto and Web3 professionals.

As per data provided by Indeed in a report, career prospects in the field of cryptocurrencies, blockchain, and NFTs have surged by a whooping 804 per cent, according to the report from April 2020 to April 2022.

The report by the employment website Indeed shows a rise in market demand for professionals working in Web3. Notably, in 2022, the increase was 315 per cent, whilst in April of 2022, posts for demand of professionals in the crypto ecosystem were 15 times greater than in April of 2019, demonstrating the fact that the pandemic did not slow down the demand for such professionals.

Application developers, data engineers, and full-stack developers are in high demand among crypto businesses, as per the report by Indeed. It should be highlighted that blockchain application developer is the most sought-after position in the industry according to the report. Increasing from 41.22 per cent of all technological job hiring in 2019-2020 to 67.48 per cent in 2021-2020, the proportion of crypto-related positions appears to be among the largest.

According to a recent LinkedIn report, crypto-related job postings with titles such as "bitcoin," "ethereum," "blockchain," and "cryptocurrency" increased 395 per cent between 2020 and 2021, outpacing the overall tech industry, which saw a 98 per cent increase in listings during the same period.

LinkedIn news reported that blockchain developers and engineers were among the platform's most sought-after job titles. It is worth noting that majority layoffs in the crypto ecosystem took place in the month of May and June this year, owing to the recent crypto crash. 

Sashi Kumar, Head of Sales for Indeed India, said in a statement released by the company, "Being a technology-first economy, Indian firms are rapidly investing in technologies that will put the country at the forefront of this new digital era. “

He also added, "Blockchain promises to be an exciting new field of work and offers tremendous scope for application, the sector is still very nascent.”

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