Blockchain and Crypto Related Jobs in Asia Surge by 50% Despite Market Correction
According to major specialist professional recruitment consultancy Robert Walters, blockchain and cryptocurrency related jobs in Asia have surged by 50 percent over the past several months, despite the 80 percent correction in the crypto market.
Robert Walters revealed that the demand for Python-using blockchain developers has increased substantially, as both large-scale conglomerates and small startups have started to enter the global blockchain sector.
Speaking to CNBC, Indeed, another leading recruitment company based in the US, confirmed that blockchain and cryptocurrency job searches have generally been on an upwards trajectory.
The spokeswoman said:
“The situation in Asia seems to mirror the U.S. in that bitcoin [job search] trends are much more volatile (and related to price volatility) and resulting media coverage while blockchain and cryptocurrency searches have seen a more consistent upwards trajectory.”
Why Blockchain Jobs are Going up
Since April of this year, the government of China has invested more than $3 billion in blockchain startups and projects. While the government has reaffirmed its negative stance against cryptocurrency trading and speculation, it has consistently demonstrated support towards the deployment and commercialization of the blockchain.
Earlier this week, Beijing-based venture capital company BlockVC has said that it is investing in 40 to 50 blockchain-related projects that are focused on the development of the underlying technology of the blockchain.
Cryptocurrency and blockchain-related job searches have drastically increased in the past few months because of the rising demand for blockchain projects from venture capital firms, the establishment of blockchain departments by major conglomerates, and the resurgence of independent blockchain projects in the cryptocurrency sector.
Wayne Zhu, a founding partner of NEO Global Capital, an investment arm of China’s largest blockchain project NEO, said:
“It’s maybe after February, we suddenly see a lot of influx of talent from traditional venture capital funds … and investment banks in China. It could be said the Asian or the Chinese talent are a little slower than their European or American counterparts to come into this field. It’s this predicament of the capital market here that leads to more and more people wanting to try something out in the crypto space.”
Demand For Blockchain Talents Will Continue to Increase
Throughout August, Bitcoin has shown its highest level of stability since late 2017, recording its most stable month in terms of price and volume in 14 months.
But, in the first week of September, the Bitcoin price dropped from $7,400 to $6,950, recording a 4 percent decline in value within a 24-hour period on September 5.
Still, regardless of the lack of momentum in the cryptocurrency exchange market, experts believe that the demand for blockchain talents will continue to increase in the months to come because both projects within and outside of the cryptocurrency market seek for experienced developers in the traditional tech sector rather than existing talents in the blockchain industry.
“We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry,” Julian Hosp, co-founder of Singapore-based crypto wallet and card start-up TenX, told CNBC.
The preferred recruitment method of blockchain-related projects to bring talents from more established industries into the cryptocurrency market is more favorable in the long-term, because reutilizing developers and talents within the cryptocurrency sector will not lead to the expansion of the market.
More developers, investors, and users will have to come into the blockchain market to demonstrate the full potential of the technology. So far, major recruitment firms are seeing continuous increase in demand for blockchain talents, which experts suggest will be one of the several catalysts that could fuel rapid industry growth.
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