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 the workforce. As the wave of layoffs continues, some profiles are still in demand by crypto companies.
Making a fresh start, moving into the unknown and getting used to new rules has never been an easy task. However, thousands of professionals from all walks of life have bet to integrate crypto companies in 2021.
The world of crypto can seem complicated at first glance, but it usually only takes a few months to find your footing. Moreover, the blockchain industry has one of the fastest growth rates in the world. Despite a relatively steep learning curve, the salaries offered by crypto companies attract applicants from various age groups and specializations.
Unfortunately, 2022 has not been kind to the crypto asset market. Given the extremely negative conditions, some companies have had to lay off a good portion of their workforce, while others have suspended their recruitment campaigns.
To enlighten our readers about this situation, we reached out to some recruiters/headhunters who shared some very revealing numbers with us. For example, the demand for specialized crypto profiles increased by 100% between 2020 and 2021.
Crypto jobs: key figures
Whether on LinkedIn or other platforms, crypto job postings have grown significantly in the past year. According to data from Crypto Parrotthe number of offers increased by 100% between September 2020 and July 2021.
Surprisingly, 30% of the published offers corresponded to IT profiles. A year ago, these profiles accounted for 34.80% of the jobs offered by crypto companies. Management positions were in second place with a weight of 10%, an increase of 29.87% compared to 2020.
Interestingly, job postings for HR specialists have grown by 200% annually, outpacing all other occupations. Overall, the number of crypto and blockchain job postings increased by 118% from September 5, 2020.
Likewise, most crypto companies offer telecommuting, which makes them even more attractive to job seekers. or recent study from crypto investment company Framework confirms crypto companies’ appetite for remote work.
As part of its study, the company surveyed 18 companies based in and outside the United States.
“The majority of companies surveyed say they are fully decentralized and are adopting remote work as the primary operating model for their business.”
“According to the results of our survey, almost 33% of the employees of these companies, even those based in the United States, are foreigners. Early-stage companies are more likely to adopt remote work, while companies that have raised 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 businesses: From glory to ditch
between inflationrising interest rates and geopolitical issues, the financial markets ended in 2022. As a result, crypto businesses took steps to reduce their burden.
According to Crunchbase NewsUS-based technology companies laid off more than 73,000 workers between January 1 and November 15, 2022.
Also, the database layoffs.fyi reveals that in 2022 alone, 136,989 employees were laid off from 849 technology companies worldwide.
In May, the collapse of the ecosystem Terra Luna sent shockwaves throughout the crypto asset market. During this period, around 3,500 employees of crypto companies were let go.
Crypto and tech giants including Coinbase, Meta, Stripe and Dapperlabs have all taken steps to downsize.
Patrick Collison, CEO of payments platform Stripe, said in a Nov. 3 statement that 14% of the company’s staff, or about 1,000 employees, will be laid off. “Inflation, energy costs, rising interest rates and falling capital budgets” are believed to be the main reasons for the mass layoffs.
Another giant crumbles
Needless to say FTX Crypto Exchange Bankruptcy dealt a blow to the entire industry. Indeed, the collapse of Sam Bankman-Fried’s empire has triggered a new wave of layoffs that has affected many crypto 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, neglecting their core business and improving the customer experience.
Instead of making cryptocurrencies more accessible to the average user, these companies have spent millions on TV ads and sports team sponsorships. For example, Crypto.com spent $700 million to rebrand the Staples Center in Los Angeles.
Despite the crisis, Neil Dundonfounder and director of CryptoRecruit, points out that some crypto companies continue to recruit.
“The wave of layoffs affecting the crypto and tech sectors presents opportunities for those who are well-funded and can survive. We recruit a lot for old clients, but also for new projects that have recently raised funds. Those who are laid off are those who have grown up a little too fast and are looking to lighten their burdens in this troubled time.”
Asked by BeInCrypto about the profiles most wanted 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 main business”.
A comprehensive platform for finding crypto jobs
BeInCrypto has created a platform called BeInCrypto jobswhere you can find some job opportunities in the world of Web3 and crypto.
BeInCrypto Jobs currently lists 645 job openings from 154 crypto companies for various professions ranging from marketing to software development to content creation.
This month alone, 85 marketing jobs have been posted on our platform.
For example, IMPT, a leading company in the blockchain industry, is actively recruiting a Marketing Manager with a salary of up to $250,000 per year. Other companies like Nexxyo Labs and even BeInCrypto are hiring traders.
Demand for Web3 profiles remains high, but candidates must stand out from the crowd to find the right jobs.
Alena Afanaseva, CEO and founder of BeInCrypto, recently shared some tips with job seekers who want to get started in this promising and growing field.
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