New research from TheBlockCrypto shows four out of ten employees at nearly 160 crypto-centric companies work for virtual currency exchanges, the next highest being mining equipment makers.
A new research conducted by the Blockchain focused publication platform, aptly named The Block, revealed that a bit more than two-fifths of the entire blockchain industry are working for cryptocurrency exchange platforms.
The Block had published these results on the 23rd of October, 2019. Therein, they stated that 43% of the people that were analyzed from 158 companies, worked for digital currency exchange platforms. That 42% represents around 7,700 people across the survey, operating in 30 different exchange platforms.
Working backward from this number, there are roughly 18,340 employees in the 158 companies they surveyed. What’s important to note was that the research only stretched to companies with a sole focus on cryptocurrency. How the proportion looks within firms who originally started in other fields is yet to be known.
With Crypto Exchanges being at the top percentage of workforce use, its closest competitor only stands for about 11% of all the people involved. The mining equipment producers represent this 11%. Another 10% of the employees work at various cryptocurrency foundations that govern some sort of digital asset. Things like TRON, Ripple, IOHk, and Block.One are considered part of that group.
Of the 158 companies that were analyzed, Huobi, Bitmain, OKEx, and Coinbase are the leaders when it comes to sheer numbers employed. Bitmain and Huobi represent the two highest ones, with 1,500 and 1,300 employees, respectively.
Of the 158 companies, 50 of them, or 32%, employ more than a hundred employees. It may not seem like a large proportion, but the cryptocurrency industry isn’t something that’s old and well established. It’s growing, and it’s been growing all this time. Giants like Coinbase and Binance are at the top, sure, but as time goes on, there will be room for more and more smaller exchange platforms.
As the time slowly grinds forward, the crypto market will become more and more saturated. It’ll be a few years, up to five or ten before it can be described as prolific as forex, but that time will come. Cryptocurrencies are the future, and companies like Coinbase and Huobi will be at the front of this new era. Ripple, Libra, and JPMorgan are all pushing cross-border payments that would severely decrease transaction fees.
The EU and China are actively pushing for a new state-backed stablecoin that’d allow them to use it as their national currency, with the US having plans for it in the future.
It will be a fascinating world fifty years from now, and the world will keep evolving. When everyone that is reading this article are all in nursing homes, they will be talking about some new, as-of-yet invented technology in the same way this article talks about blockchains now.