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Cryptocurrency exchanges that ET spoke to believe the proximity of Elon Musk-the self-styled “Dogefather”- to the incoming American dispensation, greater regulatory clarity at home and global crypto exchanges entering India may lead to a spike in professional interest in cryptocurrencies and help propel a lacklustre crypto job market.
“With crypto being discussed for the first time as part of the election campaign,” Edul Patel, chief executive of Mudrex, believes the US presidential election marked a watershed moment for the industry.
Mudita Chauhan, CHRO of CoinDCX, echoes this sentiment. She said, “This change in the US could have a ripple effect, encouraging other countries with less clarity around crypto regulation to adopt more positive frameworks.”
“A few years ago, one of the biggest challenges was convincing potential hires that the crypto industry was legitimate and not a scam,” said Patel.
Due to increasing mainstream adoption and regulatory clarity-such as the introduction of clear taxation policies, crypto’s inclusion under the anti-money laundering act and the requirement for virtual digital asset companies to register with the Financial Intelligence Unit to operate-scepticism is subsiding, Patel added. With institutional investors entering the market and increased uptake of crypto and blockchain, “the need for skilled professionals across technical, legal, and operational roles will be in demand,” said Patel who is actively hiring.
Noting that the current demand for crypto talent is 60% of what it was in November 2023 and just a fifth of what it was in 2022-when there were over 13,000 active job openings in the Web3, blockchain, crypto and crypto-linked domains in India, Prasadh MS, head of workforce research at specialist staffing firm Xpheno, said, “There are currently 2,500+ active openings in the market, with a 30-days freshness cutoff.”
Cities like Bengaluru, Mumbai, Hyderabad, Pune, and Gurugram are home to a vibrant pool of Web3 and blockchain professionals.
Illustrating examples of recent executive-level hires such as Prashant Verma, chief growth and marketing officer who joined from Licious, Abhinav Jain, chief financial officer, formerly of Pharmeasy and Tushar Tarun, head of legal who was earlier with Cashfree-all joined CoinDCX. Chauhan said, “Leaders from top technology companies, fintech giants, and other established sectors are increasingly making the move to Web3, bringing valuable expertise to help drive the industry forward.”
Interestingly, however, compensation in the crypto space has stabilised after sharp hikes in earlier years.
Although average salary levels had earlier grown between 8% and 35% for some of the top crypto skills in 2021 and early 2022, Xpheno’s Prasadh said, “The heydays for crypto talent with unprecedented hikes and wage wars are now in the rear-view mirror.”
Average salary packages for niche roles like Blockchain architects, developers and specialists range from ₹12-32 lakh per annum for early-career professionals and can go up to ₹35-78 lakh for seasoned experts, he said. However, these figures have remained flat for 18 months, reflecting the broader slowdown in tech hiring.
Avinash Shekhar, chief executive of Pi42, says that global exchanges entering India could reignite competition, with international players offering 50-75% salary hikes to attract top talent.
Driven by advancements in blockchain and increased institutional adoption, he predicts peak hiring activity by March 2025.
Shekhar is preparing for the crypto talent arms race by “Creating communities within IITs and other top institutions. Internship programmes with rigorous selection processes are focused on developing new talent thereby offering strategic networks and partnerships to attract seasoned professionals. We are also enhancing our benefits package to include remote work options, wellness programmes, and professional development opportunities.”
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