After Bitcoin spike, cryptocurrency industry is increasing headcount: Report

Indian exchanges and startups dealing with virtual currencies have stepped up hiring and are expanding their workforce after a recent surge in the price of Bitcoin.

CoinSwitch, Bitex, Zeb-Pay, Unocoin and CoinDCX are increasing their team sizes by 40-200 percent, according to a report by The Economic Times. The companies are hiring across roles in various departments, such as technology, product, finance, compliance and design.

The price of Bitcoin, which has gained more than 200 percent in 2020, surged past $20,000 for the first time on December 16.

Also read: Bitcoin makes a smart comeback to rise nearly 4%

In November 2020, there was a 40 percent increase in cryptocurrency job postings compared with November last year, the report said, citing data from employment website Indeed.

Cryptocurrency trading platform Unocoin, which currently has 35 employees, plans to add more than 50 members to its team in the next three months.

"While most sectors have taken a hit due to the pandemic and the resultant global economic recession, the crypto industry has seen an unprecedented surge coupled with innovation, employment and investment opportunities," Sathvik Vishwanath, co-founder of Unocoin, told the paper.

CoinSwitch, also a cryptocurrency trading platform, has over 70 employees. The company has witnessesd 175 percent month-on-month growth since its launch in June, the report stated.

"We expect to add 150-plus people to the team over the next six months to support the growth we are witnessing," CoinSwitch Chief Executive Officer Ashish Singhal told the publication.