Crypto job layoffs have been an unfortunate part of calendar 2022, given adverse weather conditions and events such as the collapse of Terra LUNA and FTX. But there is a shift in the trend of in-demand roles within the cryptocurrency and blockchain industry.
Change any job in finance, marketing, sales etc.., it’s a challenge. The transition is indeed a big step. One of those big changes is starting a career in crypto; most were noticed in 2021.
The path to a career in cryptocurrency may seem complicated at firstbut it becomes easier as one establishes a simple path to follow.
This industry is one of the fastest growing fields in the world. Despite a relatively steep learning curve, lucrative industry-wide salaries attract many applicants of different age groups and specializations.
However, 2022 has not been kind. Given the extremely bearish conditions, the cryptocurrency recession it has led to the dismissal of many in this sector, while others are reluctant to get involved.
BeInCrypto contacted various recruitment experts/headhunters to explore this precarious situation. These experts had fascinating stories to share. Especially given the changing demand for talent from various disciplines within cryptocurrencies from 2021 to 2022.
Crypto Jobs See High Growth Rates
Application for cryptocurrency jobs and block chain increased dramatically last year. Job portal websites like LinkedIn were the best places to look during this time. The growth amounted to more than 100% between September 2020 and July 2021, according to data from Crypto Parrot.
Data from 2021 identified that the development jobs of Software accounted for the largest share of all cryptocurrency job postings Yes block chain with nearly 30%. The share represented a year-over-year decline from the 34.80% share during a similar period last year.
Management ranked second with a 10% stake, 29.87% more than in 2020. Among job openings, human resources had the highest year-over-year growth rate with a 200%. Overall, the share of cryptocurrency and blockchain job postings increased by 118% from September 5, 2020.
During, most companies have integrated remote work, make it more convenient for job seekers. A trend still active at the time of this publication.
A new study from the crypto venture capital firm Framework delves into this remote work narrative. As part of its study, the venture capital firm surveyed 18 companies based inside and outside the United States.
“Most of the companies surveyed consider themselves ‘fully distributed’ and have remote working as the primary operating model for their business.” He further added:
“Based on our survey results, over 33% of employees, including at US-based companies, are international, making this necessary given the global crypto workforce. Companies in the early stages are more likely to be remote, while companies that have raised a Series A or B or slightly more likely to have one or more formal offices.
That being said, layoffs were and still are part of this industry.
from top to bottom
Both the public and private market sectors have been hit hard in 2022. Concerns about inflation, rising interest rates and geopolitical issues have taken these roller coasters into account. That said, businesses have taken steps to reduce spending.
In mid-November, more than 73,000 workers in the technology sector in the United States have been laid off in massive job cuts so far in 2022, according to a tally by Crunchbase News.
136,989 employees were laid off by 849 tech companies from around the world in 2022 based on datasets from layoffs.fyi, a crowdsourced tech layoff database.
The collapse of the cryptocurrency market really took off in June after the Terra LUNA ecosystem collapsed. During this period, BeInCrypto reported that approximately 3,500 crypto employees were affected.
Major crypto and tech giants like Coinbase, Meta, Stripe and Dapperlabs They have taken steps to reduce the number of employees.
Payment Processor CEO Patrick Collison Stripe said in a Nov. 3 memo that 14% of staff would be laid off., about 1,000 employees, citing “inflation, energy costs, rising interest rates, shrinking capital budgets and shortages.” seed funding” as reasons for the cuts.
“Another one biting the dust”
This time the collapse of the swap FTX cryptocurrency was a blow to the industry. The fallout sparked a massive wave of layoffs from crypto companiesstarting with Metaplex, one of the many companies directly affected by the FTX contagion.
It also shows an imbalance for companies that have successfully raised funds but have not managed their cash flow well. Indeed, many companies have gained weight from the bullish highs of 2021.. They spent lavishly without improving their products and the customer experience.
Instead of making cryptocurrencies more accessible to ordinary consumers, They spent millions of dollars on TV ads. and names of sports stadiums. For example, Crypto.com spent $700 million renaming the Staples Center in Los Angeles.
Speaking with BeInCrypto, Neil Dundon, Founder of CryptoRecruit, referenced a similar move, but injected some certainty amid the growing chaos. He stated:
“While there are a lot of layoffs in crypto as in the broader tech market, it does provide opportunities for those who are well funded and can survive in this market. We are very busy with those projects that have been regular clients over the years, as well as new projects that have recently raised funds. The ones saying goodbye are the ones who grew too fast and are shrinking to be a little leaner in these more turbulent times.”
In terms of specific roles in demand, Dundon added:
“It’s less about increased demand and more about roles becoming redundant. Such as content, community, marketing, search, etc. Roles that are not mission critical.
All-in-one platform to find crypto jobs
BeInCrypto has created a platform called BeInCrypto Jobs, where several job opportunities from various companies are assigned.
BeInCrypto Jobs currently lists 645 vacancies at 154 companies in different niches ranging from marketing until the development of Software and content search.
For roles like marketing, there are more than 85 open positions in November 2022 alone in this sector.
For example, IMPT, a leading name in the block chain, actively recruiting a Marketing Leader with compensation of up to $250,000 per year. Other companies, like Nexxyo Labs and even BeInCrypto, are hiring for marketing-based positions.
Demand Remains Intact for Web 3.0 Jobsbut candidates may need to sharpen their skills to stand out in the industry block chain.
Alena Afanaseva, CEO and Founder of BeInCrypto, recently shared some ideas for potential job seekers who are still eager to enter this growing field.
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