Cryptocurrency

How the cryptocurrency sector will contribute to the creation of jobs in India

Over the last few years, we see a great upsurge in adoption and usage of cryptocurrencies. As financial institutions and even countries invest into crypto, multiple new use cases for blockchain technology emerge. At the forefront of these we find DeFi or Decentralized finance, NFTs, Play-2-Earn gaming, and the Metaverse. Together, these use cases are revolutionizing the world of fintech and entertainment related to crypto.

The public perception of cryptocurrencies and blockchain technologies has evolved as well. Crypto is no longer seen as experimental, unsafe or as a niche. The proof? Colleges have started offering degrees in blockchain technology and the industry demand for crypto-specialists is radically increasing.

Presently, blockchain coding jobs offer some of the highest salaries and most countries are looking to capitalize on this demand. Whether through regulations of crypto or through subsidizing crypto education, it is clear that not even governments want to be left behind.

For the IT sector, blockchain technology holds the promise of revitalizing the market which had seen a slump in interest and demand during the pandemic. Tech giants like Google, Tesla, and Facebook have invested considerable amounts of capital into blockchain technology. The consensus seems obvious- Cryptocurrencies will be the next big thing. And as crypto expands, a plethora of careers naturally emerge around it.

On the tech side, we see the highest demand for blockchain developers, Web3 specialized front end developers and graphics designers, as well as crypto specialists who can help bridge crypto with existing infrastructure.

On the financial side, new crypto projects are formed and funded almost daily and numbers often run into the millions! Crypto accelerators and incubators are often the go-to solution for funding. Along with VCs and angel investors, the need for funding has opened up a very unique segment- ‘Crypto scouts’. Researching into projects, networking, and connecting investors to teams has become a very lucrative job as well.

Apart from the above, there are many more segments with considerable demand and growth opportunities. Almost all crypto projects use certain frameworks which open up promising potential for jobs. Crypto-based legal teams, Web3 specific marketing, and crypto content development make for excellent career choices either as full-time or freelance jobs.

Moreover, both full-time and freelance careers have their own value as lots of projects use a dual team model, i.e. a core team works full-time and a freelance team works based on requirements. Such a unique model enhances your resume with Web3 skill sets and is a great way to boost your career path, regardless of your working preference!

While most of the careers are just traditional jobs with crypto specialization, blockchain technology has created some unique opportunities with no traditional counterpart. Cryptocurrency mining, DeFi strategies, Tokenomics research, p2e gaming, NFT artists are just some of the unique prospects that have serious potential.

Not one to stay behind the curve, the IT sector in India has adopted blockchain technology with great success. Indian firms are investing into new blockchain talent, or holding programs to educate their staff on cryptocurrencies.

While the government is still apprehensive in its approach towards crypto (evident in its harsh tax regulations), the native affinity for IT has allowed India to transition into the second largest growing country in terms of blockchain talent creation. 

Overall, there is a very firm conviction among the techies that blockchain technology has a bright future, and that current regulations have an unfinished role to play- they will eventually enable the Indian crypto community to flourish.



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Disclaimer

Views expressed above are the author’s own.



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