Research Shows US Remains ‘Center Of Gravity’ For Crypto Industry

Research Shows US Remains ‘Center Of Gravity’ For Crypto Industry

Crypto brokerage firm K33 Research published a new jobs report, which showed that almost 30% of workers in the crypto industry reside in the United States.

K33 Research’s vice president, Andrews Helseth, said that he believes that this is likely to remain unchanged in the future.

The report

The report from K33 Research begins by sketching out the crypto industry, as it says that there are a total of 10,000 firms, which have a workforce of 190,000 and are valued at $190 billion.

The majority of these workers are employed at crypto brokerages and exchanges, which does not really come as a surprise.

Numbers show that almost 60% of the total workforce is employed at these platforms and this makes them around 62,400.

Financial services is the next largest segment where about 48,500 people are employed. Blockchain mining and analytics companies take the third spot, as they have a workforce of about 40,000 people.

The next one is the gaming and NFTs sector, which employs about 12,000 people. There is also a category labeled ‘another’, which has about 24,800 people employed.

Anders Helseth said that there are a number of companies that have employed between 5 and 15 people.

He also added that the number of people who are working at smaller crypto companies is quite striking.

Other data

The report from K33 Research also discovered that of the total global crypto industry workforce, about 35% of people are from Australia and Asia.

Surprisingly, the country that is leading the charge in these regions is India. Its share of the job market stands at about 20%, as it has managed to overtake China.

According to K33, this is most likely due to the lower salary requirements in India as well as the strong competence.

The US numbers

The research firm discovered that even though there has been a lot of regulatory turmoil recently, almost 30% of the workers of the crypto industry are from the United States.

The numbers show that this is the highest figure for any one country. According to Helseth, it is likely that the crypto industry will remain centered in the US.

He believes that there will be short-term pain because of the regulatory whirlwinds, but access to funding and tech knowledge will ensure that the US remains the center of gravity for the industry.

The vice president of K33 Research was also surprised to see that heavy traditional companies, such as BlackRock, had decided to dive into the crypto market at a time when activity is so sluggish.

The clear rules and regulations in crypto-friendly countries, such as Switzerland, UAE, Singapore, and Hong Kong, have proven to be quite beneficial.

Therefore, these regions have employees in double-digit numbers, but Anders said that while companies are likely to be based in these jurisdictions, their employees may not.

Almost 4% of the workforce in the crypto industry is based in Africa, with South Africa and Nigeria being major hubs.

Anders said that Africa is likely to be a promising region with its young population and high economic growth.