Exhausted by an unfavorable economic climate and a series of negative events such as the Terra Luna scandal or the bankruptcy of FTX, some companies have had to part with a large part of their workforce. As the wave of layoffs continues, some profiles are still sought after by cryptocurrency companies.
Starting over, delving into the unknown and getting used to new rules has never been an easy task. However, thousands of professionals from all walks of life are betting on integrating cryptocurrency companies in 2021.
The world of cryptocurrencies may seem complicated at first glance, but it usually takes a few months to get your bearings. Additionally, the blockchain industry has one of the fastest growing rates in the world. Despite a relatively steep learning curve, the salaries offered by cryptocurrency companies attract applicants from a variety of age groups and specializations.
Unfortunately, the year 2022 has not been kind to the cryptocurrency market. Given the extremely negative conditions, some companies have had to lay off a large part of their workforce, while others have suspended their recruitment campaigns.
To enlighten our readers on this situation, we reached out to several recruiters/headhunters, who shared some very revealing figures with us. For example, the demand for crypto-specialist profiles increased by 100% between 2020 and 2021.
Crypto jobs: the key figures
On both LinkedIn and other platforms, crypto vacancies have increased dramatically over the past year. According to data from Crypto Parrot, the number of offers increased by 100% between September 2020 and July 2021.
Not surprisingly, 30% of the offers posted corresponded to IT profiles. A year earlier, these profiles accounted for 34.80% of the jobs offered by cryptocurrency companies. In second place are executive positions with a share of 10%, up 29.87% compared to 2020.
Interestingly, job vacancies for HR specialists have grown 200% annually, outpacing all other occupations. Overall, the number of job postings in cryptocurrencies and blockchain has increased by 118% since September 5, 2020.
Similarly, most cryptocurrency companies offer telecommuting, which makes them even more attractive to job seekers. A recent study by cryptocurrency investment firm Framework confirms cryptocurrency companies’ appetite for remote working.
As part of its study, the company surveyed 18 companies based inside and outside the United States.
“Most of the companies we surveyed say they are fully decentralized and are adopting remote working as their primary operating model for their business.”
“According to our survey results, nearly 33 percent of the employees of these companies, even those based in the United States, are foreigners. Businesses that are early stage are more likely to adopt remote working, while businesses that have arranged Series A or B funding rounds are slightly more likely to have one or more offices.
That said, layoffs are still part of the industry dynamic.
Crypto Firms: From Glory to Gutter
Amidst inflation, rising interest rates and geopolitical issues, financial markets lost steam in 2022. As a result, cryptocurrencies have taken steps to reduce their burdens.
According to Crunchbase News, US-based tech companies laid off more than 73,000 workers between January 1 and November 15, 2022.
Similarly, the.fyi layoff database reveals that in 2022 alone, 136,989 employees were laid off from 849 technology companies worldwide.
In May, the collapse of the Terra Luna ecosystem sent a shockwave through the entire cryptocurrency market. During this time, around 3,500 crypto company employees were laid off.
Crypto and tech giants including Coinbase, Meta, Stripe, and Dapperlabs have all taken steps to scale back.
Patrick Collison, CEO of payments platform Stripe, said in a Nov. 3 statement that 14 percent of the company’s staff, or about 1,000 employees, will be made redundant. “Inflation, energy costs, rising interest rates and falling capital budgets” are believed to be the main reasons for the massive layoffs.
Another giant crumbles
It goes without saying that the bankruptcy of cryptocurrency exchange FTX has dealt a major blow to the entire industry. Indeed, the collapse of Sam Bankman-Fried’s empire has spawned a new wave of layoffs affecting many cryptocurrency companies, starting with Metaplex.
On the other hand, several crypto startups received significant funding last year. Unfortunately, some of them have not been able to manage their cash flow and have multiplied unnecessary expenses, leaving aside their core business and improving the customer experience.
Instead of making cryptocurrencies more accessible to the average user, these companies have spent millions on television advertising and sponsoring sports teams. For example, Crypto.com spent $700 million rebranding the Staples Center in Los Angeles.
Despite the crisis, Neil Dundon, founder and director of CryptoRecruit, points out that some crypto companies continue to recruit.
“The wave of layoffs hitting the crypto and tech sectors offers opportunities for those who are well-funded and can survive. We recruit a lot for long-standing clients, but also for new projects that have recently raised funds. Those who are laying off are those who have grown a little too fast and are trying to reduce their burdens in this turbulent time”.
When asked by BeInCrypto about the profiles most requested by crypto companies, Neil Dundon replied:
“It’s not really an increase in demand, but companies are increasingly looking for specialists in content creation, community management, marketing, research, etc. Positions that are not part of the core business”.
An all-in-one platform for finding crypto jobs
BeInCrypto has created a platform called BeInCrypto Jobs, where you can find different job opportunities in the world of Web3 and crypto.
BeInCrypto Jobs currently lists 645 job postings from 154 crypto companies for different professions ranging from marketing to software development to content creation.
This month alone, 85 marketing jobs were posted on our platform.
For example, IMPT, a leading blockchain firm, is actively recruiting a Marketing Manager with a salary of up to $250,000 annually. Other companies like Nexxyo Labs and even BeInCrypto are hiring marketers.
Demand for Web3 profiles remains high, but candidates need to stand out from the crowd to land the right jobs.
Alena Afanaseva, CEO and founder of BeInCrypto, recently shared some advice with job seekers looking to get started in this promising and growing field.
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