• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Cryptocurrency Demand is So Strong That Japan Can’t Find Enough Coders

newsbtc by newsbtc
4 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement

Japan is struggling to find enough coders and engineers to fill the seats of it’s booming cryptocurrency industry according to Reuters.

Japan Needs More Qualified Coders

When Coincheck was hacked in January losing $530 million worth of NEM tokens the company offered the excuse that it did not have the staff to maintain the security protocols it had established. Critics said the company cut corners and had diverted too much of their overall budget to advertising.

As it turns out though Japan is suffering from a shortage of coders and engineers with the experience and ability that it’s ever-growing cryptocurrency market demands.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There are 32 cryptocurrency exchanges already in operation and at least 100 more waiting on registration from Japan’s Financial Services Agency (FSA). Pair this with increased security regulations handed down to exchanges since the Coincheck hack and the result is a hiring scramble to find the right people with blockchain and cybersecurity abilities.

According to the Ministry of Economy, in 2016 there was a shortfall of 15,000 workers in the big data and AI fields. This is expected to increase to 50,000 in 2020 based on trends in the industry against the number of new candidates coming into the market.

Labor Shortage has Driven up Demand and Salaries

This shortage has led to very competitive hiring practices and an overall increase in starting salaries in the industry. Pascal Hideki Hamonic, company director of Descartes Search, headhunters who specialize in the cryptocurrency and blockchain industry was quoted by Reuters as saying “the supply of labor can’t keep up with demand.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Salaries have risen 20-3o percent from the previous year with the base salary of a new coder now topping $100,000. Mark Pink another recruiter for the industry said

 “Exchanges are looking for people who can do the creative, thinking work – to create the architecture, not just do basic tasks,”

This shortage of skilled coders isn’t only being felt in Japan. As more and more companies look toward implementing blockchain technology and the cryptocurrency industry continues to expand other countries are facing the same problems.

Hong Kong, for example, is looking at a large potential growth of the technology in their banking and insurance industries but have a finite number of eligible people to allow that growth to happen.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Other countries like the UK and the US that have good environments for research through their university systems have pools of engineers well versed in the developing technologies and see no immediate shortage.

In Japan, though the problem is exacerbated by the rigid labor culture that binds employees to their companies for life. “The majority of Japanese that do understand blockchain and cryptocurrency already work for companies as lifetime employment, and have never considered the thought of changing jobs,” said Jonathan Underwood Dean of Blockchain Daigakko.

Recruiters interviewed in the Reuters article agree that until those attitudes change the labor crunch will continue.

Tags: bitcoin developerbitcoin investmentBitcoin Japanbitcoin tradingcryptocurrency developercryptocurrency Japan
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Why Crypto Memecoin Whales Are Accumulating Tamadoge

Why Crypto Memecoin Whales Are Accumulating Tamadoge

39 mins ago
MATIC price

MATIC Price Demonstrated Bullishness, How Soon Will It Touch $1?

3 hours ago
Bitcoin

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

3 hours ago
CryptoDickbutts

CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume 

4 hours ago
XLM price

XLM Depicts Buying Resurgence, Where’s It Headed Next?

6 hours ago
Crypto ATMs

Number Of Crypto ATMs Installed Worldwide Reaches New Milestone

8 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List Voice Street Token (VST) on August 15, 2022

August 9, 2022

LBank Exchange Will List Rare Fnd (FND) on August 9, 2022

August 9, 2022

The Main Reason Why GNOX (GNOX) Could Flip Dogecoin (DOGE) And Shiba Inu (SHIB) In 2023

August 8, 2022

The Next Bullish Wave in Crypto Could Generate Huge Profits for Uniglo (GLO), Fantom (FTM), and Optimism (OP)

August 8, 2022

The FishVerse Announces the First Ultimate Fishing Metaverse

August 8, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.