Fueled by the increasing demand from the IT service providers serving international clients, consultants, and Fintech startups the war for wages is underway for specialists in crypto-related technologies, including blockchain. And that’s why crypto and blockchain-related startups are aggressively chasing investors to strengthen their talent pool.
The need for professionals possessing crypto skills has been on the rise over the last 8-10 months in India. The number of open job vacancies this month reaching more than 12,000 – a 50% increase over the previous year according to a new report from a specialist staffing firm Xpheno.
The Crypto industry itself is barely 10 years old, and the number of experts working in the field is quite low. The scarcity of crypto talent can push the pay to as high as Rs 80 lakh per anum for those having experience of 8-10 years.
According to another study by Nasscom, along with cryptocurrency exchange WazirX, there are more than 50,000 people working in the field of crypto-tech in India.
The investment in crypto-related startups in India is also at an all-time high. The total investment attracted by crypto and blockchain-related startups in the first six months of 2021 is already crossed the total investment amount in 2020.
“The way that the industry is expanding in India We anticipate an additional 30% of jobs to be created over the next few years,” Nasscom senior vice president Sangeeta Gupta said to a media house while discussing the future prospects of the industry and talent pool needed.
The majority of IT service firms that serve global clients, as well as consulting companies, and startups are already seeking crypto-savvy employees. The most sought-after skills they’re seeking include blockchain machines, machine learning, and security solutions. However, RippleX solutions, Front-end (including ReactJs, VueJS, and Typescript), backend (such as NodeJs, Python, and Golang) abilities as well as data analysis and UX/UI are also in demand.
It translates into a 30% – 60% gap in skilled workers in the most sought-after skills. Particularly in cybersecurity, cryptography, and data science, as well as AI/ML and AR/VR, the gap has increased up to 50%-70%, highlights the report from Xpheno.
With more jobs chasing a small niche pool of accessible crypto-tech talent, the number of offers per candidate is on the rise. “Candidates negotiating with 4-5 offers in hand have become a common occurrence for the top tech skills,” said Kamal Karanth, Cofounder of Xpeno.
The number of jobs currently being recorded in the crypto space comprises jobs that have been updated, published, and accepting applications in the past 30 days. The gap in demand and supply could be well understood from the fact that the total number of open positions includes those positions that are still active beyond the 30-day cut-off period and the number of such openings is more than two-and-a-half times the number of active jobs, depicts Xpheno report.