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WHAT’S NEW IN CRYPTO JOBS: CUTTING OR HIRING ?

WHAT’S NEW IN CRYPTO JOBS: CUTTING OR HIRING ?

The crypto community has not had a united response to the current bearish cycle, which is reflected in Terra's collapse last month, the loss of significant support levels between multiple crypto currencies and the possible collapse of the Celsius Network and the non-payment of Three Arrows Capital.


Some crypto firms were caught unawares due to the increased risk from natural disasters, while other companies were preparing for the construction phase.


One metric showing how crypto firms were ready to withstand the turmoil was the amount of layoffs and openings.


Who terminates crypto operations?

On the other hand, a group of crypto firms has significantly reduced its workforce. After halting its hiring process and withdrawing job promises, Coinbase laid off 1,100 workers. Crypto.com released 260 people, Gemini reduced its staff by almost 100 people and BlockFi reduced its staff by 170 people. In addition, Bitso, Buenbit and Mercado Bitcoin - major cryptocurrency trading platforms located outside the U.S. - each laid down 80 people in their companies.


Bulk demolition not only shows that some giants in the crypto space are not blocking bullets and may be affected by major market changes, but also behave inappropriately about not having enough money on the runway to keep promises to their employees during bear market.


Major demolition is no different from the crypto space though. Netflix, Compass and Tesla are just three examples of non-crypto companies that are undergoing massive cuts.


According to the US Bureau of Labor Statistics, the unemployment rate in the US has remained at 3.6% since May 2022, yet the number of large corporations downplaying growing rumors about the coming recession. On June 14, Coinbase CEO Brian Armstrong said in a letter to all Coinbase employees, "We appear to be heading into recession after the 10+ economic boom. The recession could lead to another crypto winter, and it could last for a long time. "


Who is hiring?

Despite mass recruitment by major players, there are companies that hire and speed up their hiring process.


Binance aims to employ more than 2,000 people across Europe, Asia, South America and the Middle East. Binance chief executive Changpeng Zhao said, "We will continue to grow our team as planned and see this moment as an opportunity to discover the best talent in the industry."


Kraken is looking to add 500 employees, ConsenSys expands its staff to 125 open positions, while Polygon has more than 100 job opportunities even in the midst of declining crypto markets. Chainlink Labs, Aave and Uniswap Labs together have posted more than 80 jobs on their worksheets.


Crypto companies that want to speed up hiring show different responses that organizations have in the bear market. While some crypto firms have admitted that they are growing rapidly in a volatile market, some are increasing the amount of talent within their organization to better position themselves in the area where black ducks are.

Source: yahoo




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