Over the past few years, our team at ICS has witnessed a crypto hiring frenzy—with a rise in companies seeking to build out crypto teams. This surge has been fueled by the emergence of blockchain technology and cryptocurrencies as a viable business venture. According to LinkedIn, from 2020 to 2021, job postings with titles containing terms like “bitcoin,” “blockchain,” and “cryptocurrency” increased by a staggering 395%. This increase in crypto hiring vastly outpaced the broader tech industry's hiring trends, which saw a 98% increase in job postings in 2021.
While many companies are starting to show interest in utilizing crypto for their own business ventures, most crypto job postings come from companies within crypto capitals like New York City, Miami, Austin, and Denver. In particular, Miami seems to have learned that it's easier to build an economy by attracting companies and talent from other parts of the country rather than build it from the ground up. As a result, Miami is drawing in more companies and talent in the crypto space now than anywhere else.
Below, we'll discuss the rise of blockchain job openings, crypto hiring trends among executives and hiring managers looking to build out their teams, and what that means for the future of crypto.
How Traditional Companies Are Leaning into the Crypto Craze
A new, perhaps surprising, effect of crypto’s rising popularity is that traditional, non-tech companies are beginning to show interest in blockchain technology. In particular, these companies are looking for blockchain talent to lead the way in research and development (R&D).
For example, traditional banks and brokerages from Wall Street to Main Street are building blockchain technology groups for banking, trading, payments, settlements, compliance, and more. Additionally, big banking firms like Bank of America, JPMorgan, and Northern Trust are taking a more innovative approach to building out blockchain and crypto platforms. These finance giants have each brought their unique strategies to the crypto landscape—submitting patent applications for digital payment technologies, offering their users custodial services to hold their bitcoin, and even creating their own digital currency.
The crypto craze doesn't end there, though. At ICS, we recently spoke with our clients looking to apply blockchain technology to their onboarding process, education verification, background checks, and I-9 verifications.
Several other industries are going all-in on crypto as well. Gaming studios have started developing large-scale projects that integrate blockchain for earning rewards and in-game purchases. And customer service companies are joining the bandwagon by researching how to tie loyalty reward programs to the blockchain and monetize them.
A Shift in Job Requirements in the Tech Space
As more and more companies invest in expanding their digital assets, the need for development teams is at an all-time high. As mentioned earlier, in 2021, job titles that included terms like “bitcoin,” “blockchain,” and “cryptocurrency” increased by 395%. From what our team at ICS has seen in our New York and Miami offices, a lot of job descriptions are focused on finding tech candidates who have expertise in:
- Data Structures
- Blockchain Architectures
- Smart Contracts
These skills have become the new standard for job requirements in the tech space.
Crypto Hiring Trends
With this drastic increase in demand for crypto talent and the job market still experiencing a shortage in qualified candidates, many hiring managers struggle to find quality crypto and blockchain talent to grow their teams. With the booming demand for more talent, hiring managers have resorted to several hiring strategies to locate candidates to fill their open crypto and blockchain positions:
Attracting Entry-Level Candidates with Upskilling Opportunities
Many companies wanting to hire for crypto positions find that candidates with relevant work experience are challenging to come across, which has caused them to change their job requirements and expectations for new hires. Rather than expect an applicant to come in fully knowledgeable, they are looking for potential talent that they can train and upskill with the help of more experienced team members. They want to invest in a candidate's skill set early and turn them into a valuable asset for their team.
Attracting Experienced Crypto Talent with Top-Tier Benefits
Many companies have to change their core benefits packages and salary expectations to attract experienced crypto talent. It has become necessary to offer highly competitive pay and benefits as these companies compete against major tech firms and investment banks also looking to grow their crypto teams.
Offering Remote Options to Find Candidates Beyond the Local Talent Pool
Another creative method for crypto hiring is going past a company's local talent pool by offering fully remote options. Many companies have found success by hiring candidates from out-of-state who have the necessary expertise but cannot relocate.
Working with Crypto Talent Acquisition Firms
Many companies are turning to crypto talent acquisition firms to help with their talent search. Staffing and recruiting firms specializing in blockchain and crypto hiring, like ICS, are working with companies of all sizes and verticals to find suitable candidates for their open roles.
What This Means for the Future of Crypto
The need for blockchain and crypto talent is expanding across industries, but what does this mean for future industry growth? It may be hard to predict how much further the crypto industry will grow over time, but we know that there is a lot of interest in the space. Organizations from the smallest startups to Fortune 500 companies are looking for blockchain and crypto talent with a diverse background and set of skills.
At ICS, our team is active within the tech space. We take the time to understand our client's needs and locate the best tech candidates to fill their open roles. If you're currently looking for a crypto hiring solution, we have the expertise and connections to find the perfect fit. Contact us today to find top talent in the crypto and blockchain space.