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U.S. and Canada dominate in North America
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Everything’s bigger in the U.S. – also crypto
Many of the world’s most influential crypto companies are based in the U.S., incentivized by deeper capital markets.Preview
Many of the world’s most influential crypto companies are based in the U.S., incentivized by deeper capital markets, the dollar influence, deep tech and finance knowledge from Silicon Valley and New York hubs, and in general early adoption of crypto infrastructure and developments. The U.S. dominance also extends to the number of people working in the crypto industry. 29% of crypto workers reside in the U.S., an exceptionally high number considering the second largest country having more than four times less crypto workers.While the crypto industry is U.S.-centric, 71% of crypto workers live outside the US. In the full report, we will present the numbers and highlight the most important findings continent by continent.Northern American crypto employment is strongly concentrated in the U.S., by far the largest country of origin for full-time employed crypto workers globally. In comparison, Canada and Mexico are dwarfed, but at a global scale, Canada remains significant as the eight largest crypto employment contributor globally.
The United States is the home of several of the most important crypto projects, exchanges, miners, and financial institutions in the world. Despite strict regulations relating to derivatives trading, the U.S. crypto labor market is a hot commodity, both domestically, but also abroad. Solana, Kraken, a majority of the public bitcoin miners, Coinbase, among anothers, all originating from the U.S. Nonetheless, in particular, since the fall of FTX, the SEC and U.S. government has seen a change of pace, targeting U.S. crypto institutions such as Paxos, Kraken, Gemini, and Coinbase, in addition to Binance and other international venues. This has caused Coinbase to obtain a Bermuda license to offer crypto perps for eligible traders, with potential long-term implications of ostracizing the industry from the U.S. towards cleaner and friendly regulatory environments.
7 out of the 20 largest crypto employers are based in the U.S., and U.S. employment is strongly present in all major global crypto companies. Among U.S.-domiciled crypto companies, on average, 77% of the employees are based in the U.S. Additionally, the United States tends to be the largest or second largest origin of employees in a majority of the global crypto companies domiciled in other jurisdictions.Canada is the eight-largest country globally measured by crypto employment. Canada has been ahead of the U.S. in terms of approving spot-based ETFs in the country, leading to enhanced institutional flows but also attracting U.S. employment.
Cross-border employment between the U.S. and Canada is a highly symbiotic tendency, with significant Canadian employment numbers in U.S.-domiciled entities and vice versa. There are almost more Canadian employees in U.S.-registered companies than there are Canadian employees in Canada-registered companies, while remarkably, U.S. employment in Canadian companies nearly aligns with the Canadian employment in Canadian crypto companies.This is a subsection from our recent in-depth report covering the global crypto labor market. Find the full report here.
