As the crypto industry is gaining traction, the technology behind it has the potential to create more jobs for young professionals. Leading crypto startups see promise in this industry in India where several people have been laid off and many new professionals will be looking at a renewed career path.
Crypto startups leading the industry
Indian crypto startups like WazirX, CoinDCX, and CoinSwitch claim that blockchain and cryptocurrencies could become promising career options for students as well as professionals who were laid off during the pandemic. The industry experienced a shock when the Reserve Bank of India closed off all banking channels for crypto entities in early 2018. However, the Indian Supreme Court lifted the controversial ban in March this year, creating a new world of opportunities for these firms to flourish.
LinkedIn India has over 900 new jobs related to the blockchain-related role. A new report from LinkedIn suggests that blockchain is the top “hard skill” in demand for 2020. Last year, artificial intelligence, analytical reasoning, and cloud computing were the most sought-after skills. Indian job portal Naukri.com has about 20,500 blockchain-related jobs.
Crypto startups experience growth
The startups have witnessed extensive growth in their business in the last six months as the bans were lifted on the industry. WazirX, an exchange backed by Binance, saw its monthly trading volume in July go up by 414% to $168 million, in comparison to February. The monthly sign-ups on the platform have also increased by 290%.
WazirX founder and CEO Nishcal Shetty noted,
“We are actively hiring in India to fuel our growth. Though the demand is high, skills in blockchain and cryptocurrencies do not exist in India. So, it’s a nascent and emerging field.”
CoinSwitch, a global aggregator of crypto exchanges, launched a new India-centric product in June called Kuber. This will allow local traders to trade in Indian Rupee. Its founder and CEO Ashish Singhal said that several new exchanges and crypto firms are opening in India. CoinDCX co-founder and CEO Sumit Gupta also noted that the crypto industry is moving towards maturity and is creating several new job profiles. He said that the roles that wallet engineers, crypto economists, community managers, and blockchain engineers will be in high demand.