Growing Demand Fuels Boom in Crypto Technology Investments
Crypto assets have been making headlines over the last few months as they become an attractive form of investment driven by their rising demand and growing acceptance as an alternate asset class. The market capitalisation of crypto assets has surpassed the $2-trillion mark and is on a bull run, and the sector is expected to experience exponential growth.
While the crypto assets grow, fintech companies, especially crypto exchanges, are investing heavily in blockchain and crypto technologies for further expansion. This creates a great demand for blockchain and crypto developers in the evolving ecosystem where a majority of fintech companies are employing highly skilled personnel. Developers looking to carve out a niche career path as well as build a career momentum should seize the opportunity.
A Bright Future
Most of the companies leading the front are fintech companies and start-ups that have witnessed their valuation skyrocket over the past year. Deutsche Bank’s Imagine 2030 Report suggests that cryptocurrencies will dominate and replace fiat currencies across the globe, adding enormous backing to the digital currency. While the pandemic has shackled economies worldwide, the growth of cryptocurrencies since early 2020 and a surge in its value since January 2021 have resulted in a boom with the new generation taking up this lucrative profession.
For instance, a blockchain that forms the technology bedrock for Bitcoin has witnessed a surge for its developers. The developers have lapped onto this opportunity despite the pandemic that led to a slump in the world economy. Most of them have been upskilling themselves on the job to meet the customised demands of their clients as the technology is nascent and evolving every day.
Skilled & Sleek
Career seekers who know coding programs like Java, C, C ++ and Scala, can easily switch to the crypto domain. It is an added advantage if the developers know programming languages like Python and Node.js that enable them to understand the architecture better. This will help programmers elevate themselves in their career path.
There are sizeable openings for developers in smart contracts, cybersecurity, cryptography, data analysis, financial compliances, and web development, along with many other sectors that form the fulcrum of cryptocurrency exchanges. We can attribute these new career opportunities to the evolution of the crypto-assets industry, its rapid growth, and the forward-moving outlook.
The Boston Consulting Group and the Federation of Indian Chambers of Commerce & Industry report stated that Fintech sector valuation is set to increase to $150-160 billion by 2025-26, translating into a value creation of $100 billion. This only speaks volumes of its potential and growth. Realising its potential, several global crypto players have set sights on India’s under-explored market and use the country’s highly skilled workforce.
JOBS APLENTY
In India, banks, fintech companies, and start-ups are heavily investing in onboarding skilled blockchain developers and engineers in addition to allied personnel to scale up their talent pool. Today, the demand for blockchain developers is on the rise as compared to any conventional developer. From a futuristic perspective, organisations have started to recognise the value of the niche skillset that these developers bring onboard hence willing to offer a premium for them. These skill sets, in turn, will add value to their portfolios which will help them elevate their career paths.
Apart from blockchain engineers and developers, there is also a surge in demand for data and financial analysts, data security and business operations, triggering a boom for skilled personnel in this sector.
It is important to note here that while crypto industry players, such as CoinDCX, are putting special emphasis on recruiting talent from the blockchain and crypto communities, they are always in search of talent from other skilled fields such as data analytics, cybersecurity, UI interface development. Strengthening capabilities through such recruitments indicates the companies’ growth as well as the prospects of the industry.
With a new and forward-looking policy on the anvil on crypto-assets coupled with innovation and technology, fintech companies will help India realize its growth story and become a five trillion-dollar economy. Developers who decide to be a part of such an evolving ecosystem will thrive in the long run and create a career momentum for themselves.
The author is Head of Human Resources at CoinDCX
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.