Crypto Adoption Will Boost Job Creation In India

*This article is authored by Siddharth Menon, Co-founder and COO of WazirX and published in partnership with BloombergQuint Brand Studio.

Blockchain is a transformative technology that is driving new levels of innovation across industries. Cryptocurrency is one well-known application of blockchain, but blockchain has many other uses—from supply chain monitoring for food and pharmaceutical manufacturing, to payment processing and money transfers, digital IDs, intellectual property protection to property and land titles. As use cases increase, organisations are witnessing high demand for people with blockchain-related technology, legal, strategy and regulatory skills. According to a Deloitte global survey on blockchain, business executives and leaders foresee expected growth for the global blockchain technology market at a massive compounded annual growth rate (CAGR) of 62.1% till 2025.

Evolving Industry, Global Opportunities

Given the massive increase in the cryptocurrency market globally, which has come of age not just in terms of scale, but also in terms of acceptance as a whole new asset class for investors, the cryptocurrency world today is offering job opportunities on a scale not witnessed since the advent of the Internet in the mid-1990s.

Take recent hiring trends among Fortune 500 companies seeking cryptocurrency experts. JPMorgan Chase, Amazon, Apple and PayPal are just a few prominent names hiring for crypto positions. Investment heavyweights such as BlackRock and Goldman Sachs have also helped spark new interest for crypto talent. Binance—one of the world's largest cryptocurrency exchanges, is currently advertising over 350 jobs globally. These listings include data scientists, human resource professionals, software engineers, compliance, legal, marketing and sales professionals. Among others there are listings for low latency developers, quantum developers, traders and M&A experts.

Indian blockchain firms too are on the lookout for all these roles and more. And why not—the industry is booming. For instance, WazirX, India’s largest digital currency exchange, grew over 12 times in the first half of 2021. WazirX’s Q2 numbers show a massive $6.2 billion in crypto trading with over 6.5 million registered users.

Such a phenomenal increase in business growth also creates a huge pool of emerging employment opportunities. A unique talent pool with deep tech experience and specialised skills unique to crypto platforms is set to emerge to meet this demand.

Broadening the Scope of Hires in Crypto

While most job openings focus on programmers and software engineers, several listings call for dedicated skills in Java, machine learning, Python, artificial intelligence and C/C++. But that's not all. As decentralised finance emerges, those with legal, editorial and compliance backgrounds will also see a pull. Even those actively involved in trading and mining are being considered by crypto platforms.

Recruitment data indicates that while 30% of crypto and blockchain jobs are on the software development side, admin and other indirectly related crypto employment consisted of 16.8% of the total job pie in the space in 2020.

Emotional intelligence, legal acumen and governance skills will become incremental core skills to the operative crypto network and product. When erecting cryptocurrency platforms as self-governing financial structures till regulators come in with crypto-specific regulation, there will be demand for those proficient in relationship management, behavioural psychology, people management and collaboration.

Helping India Achieve A $5 Trillion Economy

India's Prime Minister, Narendra Modi, envisions India as a $5 trillion economy by 2024. To achieve $5 trillion by 2024, India needs to have a minimum annual growth rate greater than 10.8%. The pandemic has created a roadblock, but India has an opportunity of living up to the nation’s immense potential by adopting cryptocurrency.

In the 1990s, economic liberalisation boosted India’s economy. In the 2020s, adopting blockchain could become India’s sweeping innovation. To help attain a $5 trillion economy and beyond, the country will need to take an active approach towards blockchain innovation and recognising cryptocurrencies.

Earlier this month the government introduced e-RUPI, a digital voucher programme that will aid Indians in governmental service-related online transactions. Though it has been reiterated by the government that this platform is strictly in the ambit of digital currency technology, encrypted and swift crypto transactions within Indian markets may not be far away with the popularity momentum of crypto trades.

Building Blockchain One Block At A Time

Cryptocurrency companies could provide second- and third-layer solutions and create significant innovations given their own chain evolution. That, in turn, will develop a plethora of blockchain-related careers in technology, engineering, marketing, data engineering, infrastructure, and more.

As skilled software engineers, data scientists, technologists, marketing, legal and sales staff are hired to meet the demand for new crypto products, that, in turn will drive the narrative around crypto's increasing relevance in the market, vastly validating the legitimacy and durability of cryptocurrency. This will ultimately draw ardent advocates for decentralised financial systems that can transform the world.

The Bottom Line

New perspectives drive innovation. Crypto companies scaling and expanding their operations are in search of the right talent. Add to it, financial institutions joining the fray to become prolific recruiters, the future could see many more organisations seeking to expand or build new projects in the crypto space, effectively beginning a bidding war for crypto talent.

A career in cryptocurrency definitely looks like the future of finance.

Siddharth Menon is Co-Founder & COO at WazirX.

The views expressed here are those of the author, and do not necessarily represent the views of BloombergQuint.