US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.
While the job market in the tech industry has seen major layoffs from high profile companies, career opportunities in the general cryptocurrency space don’t seem to be coming to a halt.
In the past few weeks, we’ve seen major companies in the technology space announce cutbacks on staff following a dip in the market and a need to hit financial targets. Following a decline in market revenue, companies including Twitter, Uber, and Amazon, recently announced hiring cuts. Leading streaming platform Netflix has also fallen among the tech companies to suffer from cutbacks, with 150 positions axed recently. Meta, the parent company of Facebook, Instagram and WhatsApp, has also slapped a hiring freeze on its mid and senior positions to focus on revenue growth.
Crypto careers and the blockchain job market
There are companies in the cryptocurrency space that have also seen cutbacks in their hiring. Robinhood, a retail trading platform, recently announced that it would be cutting back on roles that are not necessary at the moment for the company. the CEO Vlad Tenev explained:
“This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency.”
One of crypto’s leading exchanges Coinbase has also slowed down on hiring. Emelie Choi, Coinbase COO, recently told employees that the initial plans for the company to triple the headcount by the end of 2022 were being put on hold after the company posted a massive $430 million USD loss in the first quarter of this year.
However, the cryptocurrency industry as a whole doesn’t seem to be showing a slowdown in hires across the market. According to Crypto Recruit, a recruiting platform for positions in the industry, there is still major attention in the industry and there is still a need to acquire new talent across sectors.
We’ve been hearing about a big slowdown in tech but we’ve hardly noticed it other than many more candidates looking to enter the crypto markets. We’ve been overwhelmed with requests for quality candidates and have positions across all sectors.
— Cryptorecruit (@cryptorecruit) May 18, 2022
According to Neil Dundon, the founder of Crypto Recruit, the company is as busy as ever in recruiting for new positions opening up in the industry. The company recruits only within the cryptocurrency and blockchain space across the globe, with agents in the United States, Asia, the Pacific regions, and Europe. According to Dundon, demand remains high across all regions.
According to a report by CB Insights, the digital assets space has seen an all-time high amount of funding and venture capital investment pouring in, recording an all-time high in the first quarter of the year. In the last quarter of 2021, the space saw $8.8 billion USD in funding come in, and 2022’s first quarter has beaten this with $9.2 billion USD coming in. More investment and funding in the space will possibly lead to more companies aiming to implement blockchain or crypto in the future.
Crypto job opportunities have been increasing year on year since 2020, according to research by LinkedIn. According to the career platform, there was a nearly 400% increase in crypto-related job postings in the United States from 2020 to 2021. The most in-demand titles in the industry were developers and blockchain engineers.