STAFF HIRING AND CUT OFF STATUS IN THE CRYPTO INDUSTRY
Amid the recent crypto market turmoil affecting investments and stock prices, many firms experienced a sharp decline in staff over the past month while others continued to hire.
In June, the crypto exchange Gemini was among the first to reportedly reduce 10% of its staff within the bear market, saying conditions were "likely to continue for some time." Coinbase and Crypto.com followed suit, announcing plans to reduce staff by 18% and 5%, respectively. Coinbase chief executive Brian Armstrong cited the so-called crypto winter as part of the reason for the cut, but also said the company was growing "very fast."
Most market conditions have not changed following many downtime decisions, and some companies have been forced to downgrade. Crypto lending firm BlockFi announced a 20% reduction in staff on June 13, and Cointelegraph reported on Thursday that FTX is in the process of finalizing a $ 25 million purchase agreement for the remaining assets. BlockFi CEO Zac Prince has denied the allegations.
Austrian crypto platform and stock exchange Bitpanda announced on June 24 a major downturn as it aims to "get out of it financially healthy" amid the current bear market, which has brought the company "to a size of about 730 people." At the time of publication, the crypto firm had no current job openings on its website.
However, many companies in the crypto space continue to operate as normal, seemingly ready to withstand the storm - at least one takes even a toll. Cointelegraph reported that the U.S. The Financial Industry Regulatory Authority is open to recruiting cut-off employees from crypto firms in an effort to "consolidate" its powers.
Globally, Binance and Ripple have provided thousands of jobs in lieu of the one recently disbanded in major crypto businesses and firms. Kraken has also emerged as one of the largest cryptocurrency trading companies announcing plans to continue hiring more than 500 roles in various departments during the market downturn. Sergey Vasylchuk, CEO of Ukraine-based Everstake, announced on June 15 that the company was "not hiring anyone."
According to data collected from the blockchain activity list of Crypto Tasks, companies have listed more than 3,000 crypto-related jobs in the United States in the last seven days - about 37% of all jobs posted in the last 30 days. The United Kingdom and India have similarly seen large numbers of crypto jobs advertised in the past seven days - 562 and 183, respectively - suggesting that the industry still has a workforce.
"Kraken and Binance have shown that they plan to stay longer by looking to increase their value during the bear market," a Crypto Jobs List spokesman told Cointelegraph. "The downturn in the market means that long-term unplanned people are being blocked, and only people looking for long-term employment are left to apply, and hiring managers are aware of this."
At the time of publication, the price of Bitcoin (BTC) is less than $ 20,000, falling by more than 37% in the last 30 days according to data from Cointelegraph Markets Pro.