Amid the recent volatility in the crypto market affecting investments and stock prices, many firms made significant staff cuts in the last month while others continued hiring. Such as Binance, Ripple, and Kraken are hiring, while Coinbase, Gemini, and Crypto.com have announced staff cuts.
Major crypto exchange Gemini was among the first to reportedly cut 10% of its employees amid the bear market, in June, explaining conditions were “likely to persist for some time.” Coinbase and Crypto.com followed, declaring plans to reduce staff by 18% and 5%, correspondingly. Coinbase CEO Brian Armstrong mentioned the so-called crypto winter as part of the reason for the cuts, but also stated the firm had been growing “too quickly.”
Market conditions largely have not changed following many decisions to downsize, and other firms have been forced to make cuts. Crypto lending firm BlockFi broadcasted it would be reducing staff by roughly 20% on June 13, and Cointelegraph conveyed on Thursday that FTX was in the process of finalizing a deal to purchase the platform’s remaining assets for $25 million. Though BlockFi CEO Zac Prince denied reports of the sale.
Austrian crypto and stock trading platform Bitpanda declared on June 24 a mass layoff as it aims to “get out of it financially healthy” amid the current bear market, bringing the company to a “size of about 730 people.” The crypto firm has no current job openings on its website at present.
Nevertheless, many companies in the crypto space are continuing to operate as normal, seemingly prepared to season with the storm — at least one is even picking up the slack. The U.S. Financial Industry Regulatory Authority was open to hiring terminated employees from crypto firms in an effort to “bulk up” its capabilities as reported by Cointelegraph.
Globally, Binance and Ripple offered thousands of jobs to substitute the ones that were recently liquified from major crypto exchanges and firms. Kraken also stood out as one of the major cryptocurrency exchanges announcing plans to go on hiring for more than 500 roles in various departments amid the market downturn. Sergey Vasylchuk, CEO of Ukraine-based decentralized staking provider Everstake, confirmed on June 15 that the firm was “not firing anybody.”
According to data collected by blockchain jobs site Crypto Jobs List, companies have listed more than 3,000 jobs related to the crypto space in the United States in the last seven days — roughly 37% of all jobs posted in the last 30 days. The United Kingdom and India similarly saw a large number of crypto jobs advertised in the last seven days — 562 and 183, respectively — signifying the industry still has room for staff.
“Kraken and Binance have shown that they plan to stay around for a long time by looking to grow their headcount during a bear market,” a representative for Crypto Jobs List told Cointelegraph. “The market downturn has meant that individuals who don’t plan to stick around for long are deterred, and only serious candidates that are interested in a long-term career are left to apply, and hiring managers recognise this.”
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