Exhausted by the unfavorable economic climate and a series of negative events such as the Terra Luna scandal or the FTX bankruptcy, some companies were forced to let go of a large portion of their workforce. As the wave of layoffs continues, crypto companies are still looking for some profiles.
Making a fresh start, going into the unknown and getting used to the new rules was not an easy task at all. However, thousands of professionals from all walks of life have bet on crypto company mergers in 2021.
The world of cryptocurrency may seem complicated at first glance, but it usually only takes a few months to find your bearings. In addition, the blockchain industry is enjoying one of the fastest growth rates in the world. Despite a relatively steep learning curve, the salaries offered by crypto companies attract applicants from different age groups and disciplines.
Unfortunately, the year 2022 has not been kind to the crypto-asset market. Due to the extremely negative circumstances, some companies have had to lay off a large portion of their workforce, while others have suspended their recruitment campaigns.
In order to make our readers aware of this situation, we have contacted several recruiters/headhunters, who have shared some very revealing personalities with us. For example, the demand for cryptocurrency profiles increased by 100% between 2020 and 2021.
Cryptographic functions: the main characters
Whether on LinkedIn or other platforms, crypto job postings have skyrocketed in the past year. According to data from Parrot cipherThe number of offers increased by 100% between September 2020 and July 2021.
Unsurprisingly, 30% of the offers posted fit IT profiles. A year ago, these profiles made up 34.80% of the jobs offered by crypto companies. Administrative positions came in second with a percentage of 10%, an increase of 29.87% compared to 2020.
Interestingly, vacancies for HR specialists have grown by 200% annually, overtaking all other professions. Overall, the number of crypto and blockchain job postings has increased by 118% as of September 5, 2020.
Likewise, most crypto companies offer remote work, which makes them more attractive to job seekers. a A recent study From the framework of the crypto investment company confirms the appetite of crypto companies to work remotely.
As part of its study, the company surveyed 18 companies based in the United States and abroad.
“The majority of companies surveyed say they are fully decentralized and adopt remote working as their primary operating model.”
“According to the results of our survey, approximately 33% of the employees of these companies, even those based in the United States, are foreigners. Companies that are still in its infancy stages are more likely to adopt remote work, while companies that have organized Series A or Series B funding rounds are likely to have one or more offices.
However, layoffs are still part of the industry dynamic.
Cryptographic Business: From Glory to Gutter
between inflationWith rising interest rates and geopolitical issues, financial markets have run out of steam in 2022. As a result, cryptocurrency companies have taken 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 It reveals that in 2022 alone, 136,989 employees were laid off by 849 tech companies worldwide.
In May, the ecosystem collapses Terra Luna It sent shock waves throughout the crypto-asset market. During this period, about 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 payment platform Stripe, said in a statement on November 3 that: 14% of the company’s employees, or about 1,000 employees, will be laid off. He believes that “inflation, energy costs, rising interest rates and declining capital budgets” are the main reasons for the mass layoffs.
Another giant collapses
Needless to say that file Cryptocurrency exchange FTX bankruptcy It dealt a blow to the entire industry. In fact, the collapse of Sam Bankman-Fried’s empire triggered a new wave of layoffs affecting many crypto companies, starting with Metaplex.
On the other hand, many crypto startups received significant funding last year. Unfortunately, some of them couldn’t manage the cash flow and doubled down on unnecessary expenses, leaving aside their core business and customer experience improvement.
Instead of making cryptocurrency affordable to the average user, these companies have spent millions on TV ads and sports team sponsorships. for example, Crypto.com It spent $700 million to rebrand the Staples Center in Los Angeles.
Despite the crisis, Neil Dundonfounder and CEO of CryptoRecruit, notes that some crypto companies are continuing to hire.
“The wave of layoffs affecting the crypto and technology sectors presents opportunities for those who are well funded and can survive. We are hiring a lot for old clients, but also for new projects that have raised money recently. Those who are laying off are the ones that have grown too fast And they look forward to reducing their burden in this turbulent time.”
When asked by BeInCrypto which profiles are most requested by crypto companies, Neil Dundon answered:
“It’s not really an increase in demand, but companies are increasingly looking for specialists in content creation, community management, marketing, search, etc. positions that are not part of the core business.”
All-in-one platform for finding crypto jobs
BeInCrypto created a platform called BeInCrypto functionalitywhere you can find many job opportunities in the world of Web3 and cryptocurrency.
BeInCrypto Jobs currently lists 645 job offers from 154 crypto companies for various occupations 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 hiring a Marketing Manager with a salary of up to $250,000 annually. Other companies such as Nexxyo Labs and even BeInCrypto also hire affiliate marketers.
Web3 profiles are still in high demand, but candidates need to stand out from the crowd to get the right jobs.
Alina Afanasyeva, CEO and founder of BeInCrypto, recently Share some tips With job seekers who want to get started in this promising and growing field.
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