A shortage of crypto expertise is driving up salaries in Indian firms involved in the domestic and worldwide blockchain industries, according to local media, citing data from recent research. In the last year, there has been a significant increase in the need for specialists in the sector.
Crypto experience may earn you up to $100,000 per year.
Indian IT organizations offering services to worldwide customers, fintech startups, and consulting firms have been fighting for professionals with experience in crypto technology, resulting in a wage war, according to the Economic Times. According to a business daily study, demand for this sort of expertise has grown considerably in recent months.
According to the publication, the number of current job vacancies this month is over 12,000, representing a 50% rise over last year. The figures cited are from the most recent report from recruiting firm Xpheno.
The relatively young age of bitcoin technology, which is just a little more than a decade old, is likely the major cause for the disparity between the restricted number of specialists in the area and the open vacancies. The sector’s pay is being pushed up by a talent shortage.
According to the report, salaries for professionals with eight to ten years of expertise may reach up to 80 lakh Indian rupees per year, which is more than $106,000 at the time of writing. Xpheno co-founder Kamal Karanth commented on the findings:
Despite the 12-year life of the crypto domain, its mainstream visibility and talent-related attention is under a decade.
Another study, conducted by the Indian IT industry group Nasscom and cryptocurrency exchange Wazirx, found that the country’s crypto-tech business employs around 50,000 people. Nasscom senior vice president Sangeeta Gupta told the Economic Times that if the industry continues to develop at its present rate, the group anticipates 30 percent more employment to be generated in the coming months.
Companies in the field frequently seek candidates with blockchain, machine learning, security solutions, Ripplex solutions, data analysis, and front and back-end capabilities. According to Xpheno, there is a 30 to 60% talent supply deficit in certain high-demand skill categories.
However, for some specialized talents in cryptography, cybersecurity, data analytics, and other fields, the gap has already reached 50 to 70%. According to Kamal Karanth, the struggle for talent and the existing wage war would continue for the next two years.