Crypto Job surges despite downfall in tech industry

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Various Crypto-specialist recruiters are saying that despite the current ongoing large number of layoffs in the varied technology industry, the number of jobs related to crypto has not decreased lately.

Despite high-profile cases of layoffs and recruitment freezes at large tech companies, the cryptocurrency market is showing no signs of slowing down.

Various leading tech companies in the recent weeks have reportedly announced layoffs, citing reasons like market downturns, and the narrowing demand for various products that have boomed during the pandemic. Twitter, Uber, Amazon, and Robinhood are the companies that have recently announced layoffs.

Amid a slowdown in revenue growth, the movie streaming service Netflix on Tuesday processed termination for about 150 U.S employees. Facebook froze its recruitment for its mid-and senior-level positions earlier this month after the parent company failed to meet its revenue targets.

Even the crypto industry is not entirely immune. Coinbase recently announced on Tuesday that it will be slowing its hiring after recording a loss of $430 million in Q1 of this year. Emelie Choi, Chief Operating Officer at Coinbase informed its current employees that the plan to triple the number of employees by 2022 has been put on hold due to the current market conditions, “and we need to slowly recruit and re-evaluate our head account requirements against our high – priority business objectives.”

The crypto recruiters don’t think so and that does not see any major slowdown in the crypto industry hiring.

Neil Dundon, the founder of Crypto Recruit said that they haven’t seen or experienced any sort of slowdown in crypto hiring.

The areas of Dundon’s firms specialize in recruiting are exclusively within the blockchains and cryptocurrency spaces.

“We have teams worldwide in various regions like the US, Asia/Pac, and European regions and the demand is the same across the region with no decrease in recruiting.”

Proof of Search founder Kevin Gibson said that lay-offs in the tech sector have very less or even no impact on his crypto industry clients until now.

Gibson said “as of now I have only heard about two companies letting people go and that it may change next month, but quality projects with good funding will soon take over any slowdown. As a candidate, you will not notice any difference but if you even lose your job in any case, you will get many offers very quickly.

Most of the crypto projects are still in the early stages of their life cycle and are still being managed through Venture Capital (VC) funding received last year, said Gibson.

“They will continue to build and hire, this goes for the high-quality projects that were funded last year. There is an imbalance of talent in the role, with no setbacks from pre-funded projects.

According to Insight State of Blockchain Q1 22 by CB, blockchain and crypto startups have a record-breaking funding quarter, with venture funding hitting an all-time high of $9.2 billion and surpassing $8.8 billion in the previous quarter which is Q4 2021. This is the seventh consecutive quarter in blockchain funding.

I have seen more traditional tech companies and employees move into the crypto space, which will further enrich the crypto job market, said Dundon.

“Even the most far-sighted tech companies have allocated a small budget to learn how to incorporate blockchains into their current models.”

According to a study released in January of this year, job postings related to crypto in the US increased by 395 percent from 2020 to 2021, while the tech industry grew by only 98 percent. The most common job titles in demand are blockchain developers and engineers.

The average annual salary of a blockchain developer is about $109,766. While the average annual blockchain engineer salary is less than $105,180.

When Dundon was asked if the current crypto bear market could translate into more crypto company lay-offs, he said that he did not anticipate a situation similar to what happened in 2018.

Dundon explained that the cryptocurrency recruitment slows as bitcoin prices fall. It’s almost directly related to its price.

“Although it’s different this time because crypto companies are now managing their treasuries more responsibly which overall translates to a more stable recruitment market.”

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