Crypto job market holds up well despite tech industry layoffs

Crypto-professional recruiters say they haven’t seen a decline in crypto-related job opportunities despite a slew of layoffs in the broader tech industry.

The crypto job market shows few signs of slowing despite large tech companies laying off workers and halting hiring.

Several big tech companies have announced layoffs in recent weeks, citing a downturn in traditional markets and dwindling demand for products that have thrived during the pandemic. Recent layoffs announced include Twitter, Uber, Amazon and Robinhood.

On Tuesday, movie streaming company Netflix terminated the jobs of 150 employees, most of them in the United States, due to slower revenue growth. Earlier this month, Facebook’s parent company, Meta, halted hiring for most mid- and senior-level roles after it missed revenue targets.

LinkedIn post by a Netflix employee

The crypto industry is not entirely immune. On Tuesday, Coinbase announced a slowdown in hiring after the company lost $430 million in the first quarter. Coinbase Chief Operating Officer Emelie Choi told employees in an internal memo that it will increase its headcount in 2022 as market conditions require the company to “slow hiring and reassess our headcount needs in line with our highest priority business goals.” Plans to double were shelved.

So, are we at the beginning of a massive slowdown in crypto industry hiring? Crypto recruiters interviewed by Cointelegraph don’t think so.

“We’re not seeing a slowdown in cryptocurrency hiring,” said Neil Dundon, founder of Crypto Recruit.

Dundon’s company specializes in recruiting in the blockchain and cryptocurrency space.

Our teams are spread across the US, Asia Pacific and Europe, and demand is equally high across the region.

Proof of Search founder Kevin Gibson told Cointelegraph that so far, layoffs in the tech industry have had little impact on his crypto-industry clients.

“I’ve only heard of two companies laying off staff,” Gibson said. “That may change over the next month, but any vacancies will be filled immediately by high-quality, well-funded projects. As a job seeker, you won’t notice any difference…if you lose your job, you’ll also get a lot of job offers very quickly. “

The entry of venture capital

Gibson said that most crypto projects are still in the early stages of their startup and life cycle and are still operating on the venture capital (VC) they received last year.

The vast majority of high-quality projects received funding last year, so (they will) continue to develop and recruit. There is such an imbalance between talent and jobs that any withdrawal from pre-invested projects goes unnoticed.

CB Insights’ Q1 2022 Blockchain report said blockchain and crypto startups saw a record funding quarter, with venture funding reaching an all-time high in the three-month period with $9.2 billion raised, surpassing 2021 $400 million in the fourth quarter. This is the seventh consecutive quarter of record blockchain funding.

Dundon said he has seen more traditional tech companies and employees venture into the crypto space, further enriching the crypto job market.

At the very least, most forward-thinking tech companies are allocating some budget […] to research how to integrate blockchain into existing models […] Not only are more and more companies venturing into this space, but Candidates are pouring in as traditional tech companies downsize.

A Linkedin study released in January found that crypto-related jobs in the U.S. surged 395% from 2020 to 2021, while the tech industry grew only 98% over the same period. The most common job requirements include blockchain developers and engineers.

According to Glassdoor, the average annual salary for developers is $109,766. The average annual salary for engineers is slightly lower at $105,180.

When asked if the current crypto bear market will lead to more layoffs at crypto companies, Dundon said he does not expect a situation like the one seen in 2018.

“In the past, when bitcoin prices fell, cryptocurrency hiring tended to slow down. This was almost directly related to price,” Dundon explained.

But this time is different, because cryptocurrency companies are now managing their finances in a more responsible way… which all means a more stable job market.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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