A shortage of crypto talent is driving up salaries in Indian companies involved in the domestic and global blockchain industries, according to local media, citing data from recent studies. In the last year, there has been a significant increase in the demand for professionals in the field.
Crypto experience can earn you up to $100,000 per year.
Indian IT firms providing services to global clients, fintech startups, and consulting firms have been competing for specialists with experience in crypto technologies, resulting in a wage war, according to the Economic Times. According to a business daily report, demand for this type of talent has increased significantly in recent months.
The number of active job openings this month is over 12,000, representing a 50% increase over last year. The figures cited are from the most recent report by staffing firm Xpheno.
The relatively young age of cryptocurrency technology, which is only a little more than a decade old, is arguably the main reason for the disparity between the limited number of experts in the space and the available vacancies. The sector’s remuneration is being pushed up by a talent shortage.
According to the article, salaries for specialists with eight to ten years of experience can reach up to 80 lakh Indian rupees per year, which is more than $106,000 at the time of writing. Xpheno cofounder Kamal Karanth commented on the findings:
Despite the crypto domain’s 12-year existence, its mainstream visibility and talent-related attention is less than a decade.
Another study, conducted by the Indian tech industry association Nasscom and cryptocurrency exchange Wazirx, found that the country’s crypto-tech industry employs approximately 50,000 people. Nasscom senior vice president Sangeeta Gupta told tULTCOIN365 that if the sector continues to grow at its current rate, the organization expects 30 percent more jobs to be created in the coming months.
Companies in the industry frequently seek candidates 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% talent supply shortage in these high-demand skill sets.
However, for some specialized skills in cryptography, cybersecurity, data science, and other fields, the gap has already reached 50 to 70%. According to Kamal Karanth, the competition for talent and the ongoing wage war will continue for the next two years.