Crypto job layoffs were an unfortunate part of the 2022 calendar year, given the unfavorable climate and events like the collapse of Terra Luna and FTX. But the trend has been changing for in-demand roles within the cryptocurrency and blockchain industry.
Changing any job in finance, marketing, sales etc. is challenging. Change is indeed a big step. One such significant shift in crypto careers is just beginning; Most of this was seen in 2021.
The path to a career in the cryptocurrency domain may seem complicated at first, but it becomes easier as one takes a straight path. This industry is one of the fastest growing sectors across the globe. Despite the relatively steep learning curve, attractive salaries across the industry attract many candidates from different age groups and specializations.
However, 2022 hasn’t been kind. Given the extremely bearish conditions, the crypto downturn has shut many out in the sector, while others are speculating that they are joining in.
BeInCrypto reached out to various recruitment experts/head-hunters to find out about this precarious situation. These experts had some fascinating stories to share. Especially considering the shift in demand for talent from multiple disciplines within crypto from 2021 to 2022.
Crypto Jobs See High Growth Rates
The demand for cryptocurrency and blockchain jobs has increased dramatically in the last year. Job portal websites such as LinkedIn were the primary go-to during this time. According to data from Crypto Parrot, it grew by more than 100% between September 2020 and July 2021.
The 2021 data identified that software development jobs account for the largest share of all crypto and blockchain job postings, at around 30%. This represented a year-on-year decline from 34.80% share during the same period last year.
Management came in second with a 10% share, up 29.87% from 2020. Among job postings, Human Resources accounted for the highest annual growth rate of 200%. Overall, the share of crypto and blockchain job postings grew by 118% compared to September 5, 2020.
Meanwhile, most companies incorporated remote work, making it more convenient for job seekers. a trend that is still active at the time of this publication.
A new study from the Crypto Venture Capital Firms Framework offers a glimpse into this remote working narrative. As part of its study, the venture capital firm surveyed 18 companies located inside and outside the U.S.
‘Most of the companies surveyed consider themselves “fully distributed” and have remote work as the primary operating model of their businesses.’
It further said:
“According to our survey results, 33% of employees at US-based companies are also international, making this operation seem essential given the global workforce in crypto. Earlier-stage companies are more likely to be remote while companies that have raised Series A or B or slightly higher, they are likely to have one or more formal offices.
That said, layoffs were, and still are, a part of this sector.
top to bottom
In 2022, the public and private market sectors are set to suffer a setback. Inflation concerns, rising interest rates, and geopolitical issues have influenced this volatility. Simultaneously, companies took measures to cut their expenses.
As of mid-November, more than 73,000 workers in the US tech sector were slated to face massive job cuts in 2022, according to a Crunchbase news tally.
136,989 employees were laid off by 849 tech companies around the world in 2022 alone according to a dataset from Layoffs, a crowdsourced database of tech layoffs.
The crypto market bearishness really took off in June following the collapse of the Terra Luna ecosystem. During that period, BeInCrypto reported that around 3,500 crypto employees were affected.
Major crypto and tech giants such as Coinbase, Meta, Stripe and DapperLabs all took steps to cut their workforce.
Patrick Collison, CEO of payments processor Stripe, said in a November 3 memo that 14% of the firm’s workforce – about 1,000 employees – would be laid off, citing “inflation, energy costs, high interest rates, low investment budgets and sparse . startup funding” as reasons for the cuts.
Another one bites the dust
This time around, the collapse of the FTX cryptocurrency exchange has come as a major blow to the industry. The fallout has led to a massive wave of crypto-company layoffs, starting with Metaplex, one of many companies directly affected by the FTX contagion.
It also shows imbalances for firms that successfully raised funds but did not manage their coffers. This is because many companies have grown fat from 2021 bull run highs. They spent wildly while failing to improve their products and customer experience.
Instead of making crypto more accessible to ordinary consumers, they spent millions of dollars on TV commercials and naming sports stadiums. For example, Crypto.com spent $700 million renaming the Staples Center in Los Angeles.
Speaking to BeInCrypto, Neil Dundon, founder of CryptoRecruit, touched on a similar sentiment, but injected some certainty amid the growing chaos.
They said:
“While there are a bunch of layoffs in crypto as there is in the broader tech market, it presents opportunities for those who are well funded and can live through this market. We are quite busy with those projects Those that have been steady clients over the years as well as new projects that have recently raised funding. Those getting laid off are those that grew a little too fast and are growing back to lean back a bit through this more turbulent time. Huh.
In terms of specific demanding roles, Dundon said:
“It is less about increased demand and more about which roles are being made redundant. Like content, community, marketing, research etc. Roles that are not mission-critical.
All-in-One Platform to Find Crypto Jobs
BeInCrypto has created a platform called BeInCrypto Jobs where multiple job opportunities are allotted from various firms.
BeInCrypto Jobs currently lists 645 open roles from 154 companies in a variety of fields ranging from marketing to software development to content research.
For roles such as Marketing, there are over 85 open positions in this field in November 2022 alone.
For example, IMPT, a prominent name in the blockchain industry, is actively recruiting for marketing leads with compensation of up to $250,000 per year. Other companies, such as Nexxyo Labs and even BeInCrypto, are hiring for marketing-based roles.
Demand for Web3 jobs remains high, but candidates may need to sharpen their skills to stand out in the blockchain field.
Alina Afanaseva, CEO and founder of BeInCrypto, recently shared some insights for potential job seekers who are still keen to jump into this growing domain.
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