As crypto booms, exchanges need a variety of engineers

October 6, 2021

Market research firms have put Indians among the biggest users and holders of cryptocurrency. Several cryptocurrency exchanges – which allow you to trade in cryptocurrency and even use them to purchase goods and services have emerged in India and most of them are doing phenomenal business. Coin-DCX became India’s first cryptocurrency unicorn in August. Building these exchanges requires a lot of software and engineering talent.

Staffing firm Xpheno estimates there are more than 10,000 active job openings currently in the cryptocurrency segment in India.

Avinash Shekhar, co-CEO of Zeb-Pay, says the talent around crypto deposit infrastructure is turning out to be a key requirement. “The exchanges have three responsibilities. One, if you are depositing Bitcoin from somewhere, we should have an automated system that takes this into account. The transaction typically happens on blockchain infrastructure. Two, as exchanges can be hacked, you need infrastructure to keep it safe. Three, when you place a withdrawal request, it needs to be processed in an automated manner – again using a blockchain infrastructure that is secure enough. Crypto engineers need to understand every block in the chain and how the data moves. There’s great demand for a blockchain engineer with an understanding of blockchain security platforms, architecture and standards,” he said.

Almost every company in the business is expanding. ZebPay’s head of HR, Geetika Mehta, says they plan to raise headcount from 220 now – of which 30% are engineers – to 400-450 in 6-9 months. WazirX had 35 employees in January; it’s now 300.

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