How Much Do Blockchain Jobs Pay?
Last updated on December 2nd, 2022 at 03:38 pm
Specialists with knowledge in the field of cryptocurrencies and blockchain are in demand in corporations and small startups, with many people searching for roles via websites like theblockchainrecruiter.com. Where can employers and their potential employees meet?
Blockchain gradually penetrates all spheres of life and easily applied in various fields: from cryptocurrency projects to agriculture. However, despite the growing popularity of technology, there are not so many qualified specialists in the industry. Global companies need employees who know crypto assets and blockchain but face difficulties in hiring personnel that is looking for remote crypto jobs.
What are the most sought-after specialists in the blockchain and cryptocurrency industry? How much does Facebook blockchain security specialists get? What salary can the PayPal blockchain developer expect? What will happen to the market in the coming years? We will answer these and other questions in the article.
Market situation
According to a recent study by LinkedIn, a social network for finding and establishing business contacts, in 2020, the most popular and highest-paid jobs were those requiring knowledge of the blockchain. Blockchain not only first appeared on the list of the most sought-after skills but also immediately headed it, which underlines the growing awareness of technology and the need of companies for relevant specialists.
Blockchain specialists, according to LinkedIn, were more in demand than developers of artificial intelligence, user interfaces, and cloud computing platforms. Given the interest of companies, it is not surprising that the number of vacancies in the blockchain industry is growing. Even though the peak of the search for specialists in the industry came in 2017, the market is far from stagnation.
Last November, Indeed, a recruiting company analyzed the market and found that the number of vacancies in the blockchain and cryptocurrency industry increased by 1,457% from 2015 to 2019. At the same time, over the past year alone, employers began to post 26% more vacancies in this field than a year earlier. According to Indeed, the most sought-after industry experts were programmers and developers with knowledge of the blockchain.
The growing interest of employers in blockchain and crypto assets is also confirmed by the TeqAtlas study. The largest employers according to analysts of the company were IBM, Oracle, PwC, EY, as well as Coinbase cryptocurrency exchange. Blockchain specialists in consulting are in no less demand. Indeed reported last year that the five firms most often posting blockchain-related jobs include Deloitte, KPMG, and EY. Companies in the CIS countries keep up – new vacancies appear daily, for example, in the Crypto channel Crypto Headhunter | Blockchain Jobs, where both large companies and small projects are looking for job seekers.
Such a stir is not surprising. Almost every day there is news that another company is introducing blockchain or experimenting with crypto assets – whether it is issuing its tokens or accepting payments in cryptocurrencies. The supply chain tracking platform on the IBM Food Trust blockchain is already in use by dozens of companies around the world, and giants like Walmart and Amazon are developing their solutions.
Blockchain and crypto assets have not escaped the attention of government agencies. In addition to actively developing regulation for the industry, the central banks of the largest countries are thinking about issuing their cryptocurrencies. The development of the digital renminbi is in full swing, and recently the US Federal Reserve announced that it had begun to study the concept of the digital dollar. At the same time, the US Central Bank last year was looking for a specialist in the study of digital currencies, as well as the US Securities and Exchange Commission, which was in search of a cryptocurrency adviser.
The most sought after and highest-paid
According to Glassdoor, a recruiting company, last year companies were willing to pay blockchain specialists between $ 17,000 and $ 271,000 a year. Most of all the firms were offered in the USA – there the average annual salary reached $ 105,000, which is about twice the average salary in the country. At the same time, in Europe, blockchain specialists are offered an average of $ 70,000, and in Asia – $ 96,000 a year.
The market does not plan to slow down and now many large companies are looking for blockchain specialists. For example, according to Glassdoor, PayPal is currently looking for a blockchain developer for a salary of $ 188,000 a year, and Facebook is offering a blockchain security specialist up to $ 201,000 a year. A senior product manager at Walmart with knowledge of technology can expect a salary of up to $ 277,000 a year, and a chief blockchain engineer at Coinbase up to $ 364,000 a year.
At the same time, the job market in the CIS, despite some lagging behind the West, is also gradually growing. According to HeadHunter, the number of jobs related to the blockchain industry has noticeably increased in St. Petersburg and Moscow. At the same time, according to the results of 2019, the number of vacancies in the digital industry, including those related to the blockchain, increased by 10%. The total share of vacancies related to cloud and decentralized technologies reached 22%.
However, employers make rather high demands on job seekers, according to the report. 45% of vacancies require at least one year of experience with the blockchain, and only 9% of vacancies do not have work experience requirements. The average salary for industry employees last year ranged from 45,000 to 65,000 rubles per month, however, this is far from the limit.
According to the Telegram channel Crypto Headhunter | Blockchain Jobs, specialists with a good level of knowledge, I can count on a higher salary. So, an analyst with knowledge of cryptocurrencies and English in CryptoRank can receive from 60,000 to 80,000 rubles per month, taking into account full employment and remote work. The leader of the development group of analytical services for traders and investors Zen Core will receive from $ 3200 per month, and the designer of user interfaces – $ 1500 – $ 2000.
The industry is in demand not only technical specialists but also representatives of other specialties who know about cryptocurrencies and blockchain. Recently, the Swiss company Rainier AG with a branch in Moscow was looking for a marketer with knowledge of the cryptocurrency industry for a salary of 150,000 to 200,000 rubles. A marketing specialist is also required in the international company EDC Blockchain for remote work with a salary of $ 1,200 or more.
A director with knowledge of the blockchain for working with contextual advertising can receive 150,000 rubles, and a digital project manager with knowledge of cryptocurrencies can get from 100,000 to 150,000 rubles. A mining equipment sales specialist can count on a salary of at least 100,000 rubles, and a project listing specialist on a cryptocurrency exchange – up to 170,000 rubles.
Most often, Russian companies require applicants to know the English language, experience with the blockchain for at least one year and good knowledge of the cryptocurrency market. Since there is still a shortage of narrow-profile specialists with similar skills, now, perhaps, is one of the most favorable moments for finding work in the industry.
What will happen next
The blockchain industry is developing and growing more and more every year. According to the research portal ResearchAndMarkets, in 2018 investments in blockchain companies increased by 110% and amounted to $ 1.65 billion, and in 2019 this figure reached $ 3.12 billion. According to the report, the average annual growth rate of financing products based on blockchain will slow down and will average about 45 % per year, which will allow this indicator to reach $ 41.11 billion in 2025.
Moreover, according to IDC, by 2022, global investment in blockchain projects reached $ 12.4 billion. According to Global Market Insights, one of the most promising areas will be healthcare. In this industry, by 2025, investments in blockchain will exceed $ 1.6 billion.
Amid growing investments in blockchain and crypto assets around the world, the demand for specialists in this field is growing, which forces the largest world universities to launch the corresponding courses. According to a study by the American cryptocurrency exchange Coinbase, 56% of the best universities in the world have already launched cryptocurrency courses by the summer of 2019.
One of Canada’s leading research universities, the University of British Columbia, launched a blockchain course for graduate students last summer, and at the same time, MIPT announced the launch of a blockchain master program with support from IBM and Norilsk Nickel. Prestigious educational institutions such as Stanford and the Massachusetts Institute of Technology have already begun offering cryptocurrency and blockchain programs. Also, starting in 2017, the Ivy League universities – Yale, Wharton, and Haas – have also opened blockchain courses.
Despite the active penetration of educational programs at universities, now the vast majority of specialists in the blockchain and cryptocurrency industry do not have specialized education and learned everything from their own experience. However, the market situation may change soon.
With the advent of graduates of prestigious universities with diplomas in blockchain and cryptocurrencies, the requirements of employers may begin to grow gradually, as there will be more and more candidates for vacant positions, and their qualifications will be higher. However, the increase in the number of specialists can be offset by the increase in jobs due to an increase in investments in blockchain and cryptocurrencies. In any case, the search for work in the industry should not be kept on the back burner, and now is the most favorable moment.
Melisa Marzett is a freelance writer who is currently writing articles working for smartessayrewriter.com & writing-help and a traveler who enjoys discovering new things and meeting new people. Also, she admires people who can do things with their own hands such as making clothes and accessories, candles, soap or desserts.