Categories: CryptoNews

Japanese Cryptocurrency Firms Struggle to Hire Software Engineers

It is safe to say cryptocurrency is still incredibly popular in Japan as of right now. Given the country’s designation of this form of money as legal tender, it is only normal that we will see further growth in the years to come. That is, assuming there are sufficient software engineers to accommodate companies’ needs. Right now, it seems that is still an ongoing struggle for all cryptocurrency firms.

Japanese Software Engineer Shortage

In a way, it’s almost surprising to learn that Japan doesn’t have a sufficient number of software engineers to accommodate the cryptocurrency industry. This mainly pertains to engineers who are well-versed in platform security, which is something every cryptocurrency firm needs right now. Hiring the right people is extremely difficult if they simply aren’t there to hire in the first place.

Moreover, this issue has been present for quite some time now. Coincheck admitted that the hacking of its platform was partially due to not being able to hire enough software engineers to counter potential problems. Even though the company knew all too well it was a matter of time until things went awry, it had no other choice but to keep moving forward, by the look of things.

Finding the right people for such positions is a big struggle in Japan. Even the use of headhunters, agencies, and so forth did not help the company in hiring enough people to keep the platform safe. This is just one exchange we are talking about, mind you, as Japan is home to dozens of cryptocurrency trading platforms. All of these firms suffer from the same problem, unfortunately.

Related Post

Even though cryptocurrency is one of the most booming industries in Japan as of right now, it seems engineers aren’t too keen on shifting their focus to this new industry. Whether or not that is done purposefully or just highlights a bigger flaw in the security engineer workforce remains unclear at this point. It does appear most companies also struggle to hire cybersecurity experts, blockchain specialists, and so forth.

A lot of jobs have been created by the cryptocurrency industry, yet filling them is a bit problematic, for obvious reasons. With regulators forcing exchanges to tighten security, something will have to change. If there aren’t people suited to do the job, a very big problem will materialize sooner rather than later. How this situation will play out remains anybody’s guess.

It is worth noting that these shortages are nothing new in Japan. Back in 2016, the country had a shortage of over 15,000 workers for big data and AI, which has close ties to software engineers. It seems this discrepancy will only continue to grow and is expected to hit 50,000 by 2020. This could spell a big problem for Japanese cryptocurrency firms, unless they decide to look abroad to hire new talent. That may very well be their only remaining course of action.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

3 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

4 hours ago

IntelMarkets (INTL) Receives Massive Demand From Chainlink And SUI Investors Looking To Position For The Best Bull Run Gains

As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…

4 hours ago

FOMO Selling Trigger $1 Billion Liquidations as LINK & SOL Bleed Heavily; What to Do Next?

In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…

9 hours ago

Qubetics $7.4M Presale Revolutionises Blockchain as Bitcoin and Chainlink Drive Innovation: Best Cryptos to Buy for 2025

The crypto market is abuzz with excitement as 2025 approaches. While Bitcoin continues to dominate…

15 hours ago

Best Altcoins to Buy Today: Why Qubetics’ Presale Could Be the Best Investment Opportunity of 2024

The cryptocurrency market never sleeps, and every day feels like an adventure. From household names…

21 hours ago