UK Cryptocurrency Firms Buck Job Market Trend

The unemployment rate in the UK rose by 0.2% to 4.0% in the second quarter of this year, according to the UK Office for National Statistics. This increase is attributed not only to the general economic recession, but also to a shortage of talent in the job market.

A study by consultancy Broadbean Technology reveals a 30% drop in the number of applicants, while the number of job offers is falling in key sectors such as engineering, science and health.

Unabated demand for skilled talent: Employers must act
According to Alex Fourlis, Managing Director of Broadbean Technology, the skills crisis is far from over and it is essential for employers to continue to invest in attracting and developing talent. He adds that the lack of candidates is already a major problem for companies, and those who can quickly find the right profiles will be in the best position to win the war for talent.

The crypto sector offers new job opportunities

As the jobs market struggles to recover, crypto businesses in the UK are experiencing a reverse dynamic. They post a lot of job vacancies and actively seek talent in the crypto sector. For example, Gemini is looking for a Compliance Associate, Coinbase is hiring Business Development and International Policy Managers, and Ripple is looking for Employment and Litigation Counselors as well as an Executive Assistant.

Ripple, recently victorious in a legal case in the US, plans to expand its presence in the UK by applying to be registered as a crypto-asset company with the UK Financial Conduct Authority. The company has already increased the number of its UK and European employees by 75% in the last 18 months.

Robinhood Markets, a cryptocurrency exchange, is also growing in the UK. It recently appointed a former Barclays director to head its UK branch, and posts several London-based posts on LinkedIn.

The jobs crisis in the UK persists and businesses need to step up their efforts to attract qualified talent. Against this backdrop, the crypto sector offers new job opportunities and is experiencing significant growth.

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Beth Malcolm

Beth Malcolm is Scottish based Journalist at Heriot-Watt University studying French and British Sign Language. She is originally from the north west of England but is living in Edinburgh to complete her studies.