Blockchain Industry Workers Are Remote But Don’t Get Paid in Crypto: Survey
The world of distributed ledgers, also known as blockchain technology, relies heavily on a distributed workforce. However, despite their likely interest in cryptocurrencies, most workers in this field do not receive their salaries in digital assets. This finding was revealed in a comprehensive report on compensation in the Web3 ecosystem by crypto fund Pantera Capital.
The report, which surveyed 1,600 respondents from 77 countries across various sectors, aimed to bring transparency to the crypto space, making it easier for workers interested in entering this industry. One of the standout findings was that nearly 9 out of 10 digital asset workers are remote, highlighting the remote-friendly nature of the crypto space.
The distributed workforce in the crypto industry is located around the globe, with the majority of respondents based in the United States (35%). Latin America came in second (29.7%), followed by Europe, the Middle East, and Asia in third place (23.5%). The Asia-Pacific region had the lowest representation at 11.6%.
Another noteworthy finding from the report was the low percentage of workers who receive their salaries in cryptocurrency. Only 3% of respondents reported being paid in crypto, although the report did note that around 20% of workers accepted payment in crypto through an initial token package, particularly in executive positions.
According to Nick Zurick, head of portfolio talent for Pantera, the low number of crypto salary recipients was not surprising. He explained that early-stage career salaries often go towards routine expenses that can only be paid in fiat currency, which is why the majority of workers receive their salaries in traditional currencies.
The report also highlighted the impact of geographic location on compensation. In North America, blockchain engineers earn a median salary of $176,479, which is significantly higher than the global average. These regional disparities are expected to narrow over time due to the distributed nature of the crypto ecosystem.
Interestingly, the report noted that blockchain engineers are feeling the effects of the current bear market. Companies are focusing on hiring experienced professionals, leading to a decrease in mid-level salaries compared to the previous year.
However, despite these challenges, Zurick remains optimistic about the future of the industry. He believes that the crypto workforce is becoming stronger and more talented, with approximately 21,300 developer jobs in the industry. Furthermore, he highlighted recent regulatory wins for the crypto industry, such as the favorable ruling that XRP is not a security and the positive court sentence for Grayscale’s spot Bitcoin ETF. These developments are expected to support industry growth, leading to more jobs and higher salaries.
In conclusion, the crypto industry heavily relies on a distributed workforce, with the majority of workers being remote. Although the industry is obsessed with cryptocurrencies, most workers still receive their salaries in traditional currencies. However, as the industry continues to grow and regulatory clarity improves, there is optimism for higher salaries and more job opportunities in the crypto space.
