Strong Demand for Crypto Experts on the Russian Labor Market

Strong Demand for Crypto Experts on the Russian Labor Market

Statistics from leading job search platforms indicate that the demand for cryptocurrency and blockchain specialists in Russia remains strong. Most employers offering these vacancies are either IT companies or banks. The competition for crypto expertise is getting tougher, as the country is preparing to finally regulate the fintech sector.  

Also read: Crypto Incomes Declared on Tax Returns in Russia

Don’t Forget to Mention Crypto Projects on Your Resume

Six candidates are currently competing for each vacancy in the Russian Federation, according to data collected by the Index Head Hunter platform, a project monitoring the labor market in the vast country. The ratio indicates a moderate level of competition among potential employees, which is favoring Russian employers. But is this the case in all sectors of the economy?

Strong Demand for Crypto Experts on the Russian Labor Market

The statistics gathered from Russian online job platforms point to a rise in the demand for experts in blockchain, mining and cryptocurrencies. According to Head Hunter, 387 vacancies in the fintech sector have been posted last month, while their number for the whole first half of 2017 was only 201. That’s 11.5 times more than during the respective monthly period of last year.

The majority of employers offering positions in the crypto sector are either IT companies or banking institutions, mostly concentrated in the capital Moscow and Saint Petersburg, the second largest Russian city. Many of these businesses are not even publishing job postings, but are constantly sifting through the resume database, said Natalia Godjaeva, general director of Superjob.ru, quoted by Bit Novosti.

Strong Demand for Crypto Experts on the Russian Labor MarketDevelopers and project managers are the most sought after specialists, Godjaeva added. She advised candidates to always mention any crypto and blockchain-related projects on the resumes they submit to job search websites, and assured them, “You will definitely be noticed.” Her comments come at a time when Russia is preparing to regulate the crypto industry with three drafts currently under review in the State Duma.

Growing Global Crypto Labor Market

By all indications, the crypto labor market in Russia is experiencing growth. Several months ago, the RF Ministry of Labor and Social Protection received a request by representatives of the industry to officially introduce a “professional holiday” for specialists and experts working in the field. That hasn’t happened yet, but the department promised to look into the proposal.

Competition for qualified crypto and blockchain professionals has been increasing globally, too. Recently, the social network Linkedin announced that from the start of 2018 until mid-May 4,500 postings on the platform have contained any of the following keywords: blockchain, bitcoin, cryptocurrency. Linkedin said that’s 151 percent more than in the whole of 2017. In December, it reported more than 500 percent increase in the listing of skills pertinent to cryptocurrency.

Strong Demand for Crypto Experts on the Russian Labor Market

The popular freelancing platform Upwork has also witnessed a spike in the job ads from the blockchain industry last year – a 2,625 percent increase when compared with 2016. According to the US-based platform Toptal, specializing in posting job opportunities for IT specialists, the demand for blockchain developers has jumped by 700 percent. Earlier this year, IBM announced it was hiring 1,800 IT experts, including specialists knowledgeable of blockchain.

Both vacancies and applicants for employment in the crypto sector have increased substantially in other corners of the world, as well. This is the case with India, where cryptocurrency and blockchain related job postings increased by 290 percent in the six months to November, 2017, as reported by the Indian branch of the global job site Indeed. During the same period, job searches containing crypto-related keywords rose by 52 percent.

Do you think the strong demand for crypto and blockchain experts indicates a positive future for cryptocurrencies? Let us know in the comments section below. 


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Denver Post Exiles Launch Blockchain-based Newspaper

A group of journalists who left The Denver Post over conflicts with the paper’s owner has joined a blockchain based startup that hopes to operate 1,000 publications this year, according to The New York Times. The former Denver Post staffers will partner with a startup called Civil Media Company, whose sole investor is ConsenSys, a … Continued

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Crypto World Cup Day 5: Justin Sun vs. Jed McCaleb

Justin Sun

Crypto World Cup day 5: Where Satoshi Nakamoto takes on Tom Lee, and Justin Sun faces off with Jed McCaleb.

Today’s matches kicked off with Willy Woo taking on Anthony Pompliano but everyone’s eyes were on the Justin Sun vs. Jed McCaleb and Satoshi Nakamoto vs. Tom Lee Games.

If you don’t know them all yet, meet the players of our Crypto World Cup.

Here are the results and some highlights: Match 1: Willy Woo 1-0 Anthony Pompliano

Willy Woo kicks off his tournament with a win over Anthony Pompliano which wasn’t ...

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Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

No need to beat yourself up if your cryptocurrency portfolio exhibited less than stellar performance in May. Even the professional traders employed by the big hedge funds active in the space have suffered double digit declines during the previous month. 

Also Read: Bitcoin in Brief Monday: From New York to Historic Istanbul Market

Crypto Hedge Funds Show Weak Performance in May

Data provided by three different industry trackers reveals that crypto hedge funds achieved considerable negative growth in the bear market of May 2018.

The Eurekahedge Crypto-Currency Hedge Fund Index estimates the losses made by crypto funds to have been 11.66% during May, and 2018’s year to date (YTD) performance to be -22.71%. Market analysis firm, Hedge Fund Research Inc. (HFR), estimates crypto funds to have suffered a decline of 15.48% during May, bringing the YTD performance to -33.3% per the company’s HFR Blockchain Index. And the Cryptocurrency Traders Index of hedge fund data specialist Barclay Hedge shows that the performance of those it is tracking dropped by 19.09% in May, and down 34.57% YTD. The differences between the three benchmarks are due to each following a different number of funds.

The weak May figures are in sharp contrast to the strong rebound performance seen the previous month, as Eurekahedge reported an increase of in 52.83% and Barclay Hedge a similar 44.86% in April 2018.

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018
Barclay Cryptocurrency Traders Index May 2018

Reasons to Remain Positive in the Long Term

Despite the setbacks in May and high volatility from month to month analysts believe there are reasons to remain optimistic such as the recent SEC statement and new institutional money coming in. “I expect the crypto markets to remain volatile for the foreseeable future,” said Henri Arslanian, cryptocurrency lead for Asia at PwC. “Whilst retail investors may see volatility in the crypto markets as a downside, many crypto funds see it as an opportunity.” He added that the “long term positive impact of the number of institutional players entering” is more important than short-term price changes.

And interest among Asian investors is surging, according to Josh Gu, director of quantitative research at the HFR index division. “Cryptocurrencies have been very volatile, the topic is still hot in China and Japan.” He explained to the FT that cryptocurrencies appealed to individual investors with a large risk appetite. “However, the [Chinese] regulator has banned some of the crypto trading platforms because of risk, so some investors might have panicked.”

Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

Is such a performance justifies paying for portfolio management? Share your thoughts in the comments section below. 


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Bitcoin Price Will Hit $60,000 This Year: Fund Manager

Phillip Nunn, chief executive officer of Manchester-based investment firm Blackmore Group, is standing by his bullish prediction that the bitcoin price will reach $60,000 in 2018, according to BusinessCloud. Nunn, who also advises initial coin offering (ICO) projects, told the news outlet he believes the flagship cryptocurrency see both $6,000 and $60,000 this year. Speaking … Continued

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Blockchain-Based Community Currencies to Be Launched in Kenya

Blockchain-Based Community Currencies to Be Launched in Kenya

Bancor has announced today it will launch a network of blockchain-based community currencies in Kenya. The new project is expected to combat poverty through the stimulation of local and regional commerce and peer-to-peer collaboration.

By using the Bancor Network, disadvantaged communities in Kenya will be able to create digital currencies that can hold one or more balances in a connected way such that integrated currencies can be swapped for one another without needing a counterparty.

Bancor will launch the new currencies by contributing capital from the proceeds of its $153 million token sales in 2017.

In correspondence with Bitcoin Magazine, Galia Benartzi, Bancor’s co-founder, said, “Bancor will serve as one of several donors in the program providing initial capital to fund the token balances contained within each of the community currencies. In addition, Bancor will provide in-kind operational support, including technical and integrations work, marketing and hardware to get the currencies distributed and operational.”

The company will partner with Kenyan nonprofit foundation Grassroots Economics, who has experience developing community currency programs in Africa.

Grassroots Economics founder Will Ruddick, who is also the newly appointed director of community currencies at Bancor, will oversee the launch of the community currencies from Nairobi. The team will use Bancor Protocol to expand the current paper currency system used by local businesses to reduce poverty and create stable markets.

Ruddick believes that when “communities have the same right as nations to create and manage currencies, they will unlock their full potential.”

Kawangware and Kibera are the focal points for the pilot launch. These communities, which happen to be the largest slums in Kenya, will be used to circulate the currency by incentivizing customers to use it.

Bancor expects that as more people in the community buy and hold the local currency, its market cap can increase, which will create more wealth and a higher purchasing power for the holders.

Community members and supporters of the initiative will have the option to buy and sell the local currencies via the open-source Bancor Protocol using any of the popular cryptocurrencies or a major credit card.

Before its partnership with Grassroots Economics, Bancor had launched a similar program in Israel. The pilot program, aimed at mothers, was processing over 1,000 daily transactions before activities peaked due to the difficulty of transferring wealth outside of the community.



This article originally appeared on Bitcoin Magazine.

JPMorgan Fined $65 Million for Manipulating US Dollar Benchmark

The Commodity Futures Trading Commission (CFTC) on Monday slapped JPMorgan Chase Bank with a $65 million fine for attempting to manipulate the value of a US Dollar benchmark index. JPMorgan Busted for Trying to Manipulated USD Benchmark According to the CFTC, JPMorgan traders repeatedly attempted to manipulate the US Dollar International Swaps and Derivatives Association

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