Amid the recent volatility in the cryptocurrency market affecting investments and stock prices, many companies have cut huge staff in the past month while others have continued to hire.
In June, major cryptocurrency exchange Gemini was among the first to reportedly cut 10% of its staff amid a bear market, saying conditions were “likely to persist for some time”. Coinbase and Crypto.com followed, announcing plans to cut staff by 18% and 5%, respectively. Coinbase CEO Brian Armstrong cited the so-called crypto winter as part of the reason for the cuts, but also stated that the company was growing “too fast.”
Market conditions remain largely unchanged after several downsizing decisions, and other companies have been forced to make cuts. Cryptocurrency lender BlockFi announced that it will cut its staff by approximately 20% on June 13, and Cointelegraph reported Thursday that FTX was in the process of completing a deal to purchase the platform’s remaining assets for $25 million. BlockFi CEO Zac Prince denied reports of the sale.
Austrian crypto and stock exchange Bitpanda announced on June 24 a mass layoff as it aims to “get out of this financial situation healthy” amid the current bear market, bringing the company’s size to “about 730 people.” At the time of publication, the crypto company had no current business opportunities on its website.
However, many companies in the crypto space are continuing business as usual, and they seem ready to weather the storm – at least one is even dealing with a recession. Cointelegraph reported that the US Financial Industry Regulatory Authority has been open to hiring retired employees of crypto firms in an effort to “surge” their capabilities.
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Globally, Binance and Ripple have created thousands of jobs to replace the jobs that were recently dismantled from major crypto exchanges and companies. Kraken has also emerged as one of the major cryptocurrency exchanges that has announced plans to continue hiring over 500 roles across various departments amid the market downturn. Sergei Vasilchuk, CEO of Ukraine-based Everstake, declared that the company “has not fired anyone.”
According to data collected by the Crypto Jobs List on the blockchain job site, companies have listed more than 3,000 jobs related to the crypto space in the United States in the past seven days — nearly 37% of all jobs posted in the last 30 days. Similarly, the UK and India have seen a large number of crypto jobs announced in the past seven days – 562 and 183, respectively – indicating that the industry still has room for employees.
A spokesperson for the Crypto Jobs List told Cointelegraph: “Both Kraken and Binance have shown that they plan to stay long by looking to increase their headcount during a bear market.” “The market downturn has deterred individuals who are not planning to stay long, only serious candidates interested in a long-term career are left to advance, and hiring managers know that.”