The relatively young age of cryptocurrency technology, just over a decade old, is arguably the main reason behind the gap between the limited number of experts in the space and the available vacancies. The deficit of talent is exerting upward pressure on remuneration in the sector.
Indian IT firms offering companies to international purchasers, fintech startups, and consulting companies have been competing for specialists with expertise in crypto applied sciences, ensuing in what the Economic Times describes as a struggle of wages. A report by the business day by day signifies that demand for this sort of expertise has elevated considerably during the last months.The variety of lively job openings this month, the newspaper wrote on Wednesday, stands at over 12,000 which represents a 50% improve since final year. The quoted numbers come from the most recent report by staffing companies company Xpheno.
Salaries can reach up to 80 lakh Indian rupees annually, more than $106,000 at the time of writing, for specialists with eight to ten years of experience, the article notes. Commenting on the findings, Xpheno cofounder Kamal Karanth stated:
”Despite the 12-year life of the crypto domain, its mainstream visibility and talent-related attention is under a decade.”
Another report, prepared by the Indian tech industry association Nasscom and cryptocurrency exchange Wazirx, reveals that the country’s crypto-tech industry employs around 50,000 professionals. Sangeeta Gupta, senior vice president at Nasscom, told the Economic Times that the organization expects 30% more jobs to be created in the next months, if the sector maintains its current growth rate.
Companies in the industry are most often looking to hire people with blockchain, machine learning, security solutions, Ripplex solutions, data analysis, and front and back-end skills. According to Xpheno, there is a 30 to 60% shortage of talent supply in these high-demand skill sets.
However, for some niche skills in crypto, cybersecurity, data science, and other areas, the gap has already reached 50 to 70%. Kamal Karanth predicted that the competition for talent and the ongoing war of wages will continue for the next two years.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week