A deficit in crypto talent is pushing salaries up in Indian companies engaged with the domestic and global blockchain industry, local media reported quoting data from recent studies. Demand for professionals in the field has been growing rapidly in the past year.
Crypto Experience Can Bring up to $100,000 in Annual Salary
Indian IT companies providing services to global clients, fintech startups, and consulting firms have been competing for specialists with experience in crypto technologies, resulting in what the Economic Times describes as a war of wages. A report by the business daily indicates that demand for this type of talent has increased significantly over the last months.
The number of active job openings this month, the newspaper wrote on Wednesday, stands at over 12,000 which represents a 50% increase since last year. The quoted numbers come from the latest report by staffing services company Xpheno.
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.
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.