Only 3% of Blockchain Industry Workers Receive Compensation in Cryptocurrency

A significant 88% of professionals in the blockchain sector operate from remote locations. Yet, a mere 3% of them are paid using digital currencies.

Research from Pantera Capital shows that out of 1,600 participants surveyed, only one-fifth had ever opted for cryptocurrency as a mode of payment. Of these, the majority showed a preference for stablecoins such as tether (USDT) and USD Coin (USDC). Bitcoin (BTC) was the choice for only 13% of them.

The data indicates that the global crypto industry supports approximately 21,300 jobs. The United States houses the largest chunk of these workers, standing at 35%. Latin America follows closely at 29.7%, with Europe and the Middle East at 23.5%. The Asia-Pacific region reported the smallest percentage at 11.6%.

The survey, which collated responses from 1,046 participants spanning 77 countries, found that a majority have roles in the engineering sector. Specifically, 40.7% work in decentralized finance (defi), 26.1% in centralized finance (cefi), and 15.2% in infrastructure. The respondents’ companies varied, ranging from early-stage startups to more mature C+ entities.

A striking observation from the study was the gender disparity, with 85% of respondents being male. Furthermore, 70% of the participants had been in their current roles for over three years, and an overwhelming 87.8% work remotely.

In terms of compensation, the 2023 average salary within crypto enterprises stood at $120,000, though the report did not clarify if this was monthly or annual. Geographical differences also impacted earnings.

For instance, blockchain developers in North America had an annual average salary of $193,000, a figure that starkly contrasts with their counterparts in Latin America who earn an average of $104,771.

Interestingly, web3 developers’ salaries slightly exceed those of web2 developers. In the U.S., web2 developers earn an average of $166,100, while top executives in the cryptocurrency domain have a salary range between $147,363 and $335,400, contingent on the company.