‘Non Critical’ Crypto Jobs Remain in Demand Despite Layoffs

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Cryp­to job lay­offs were an unfor­tu­nate part of the 2022 cal­en­dar year, giv­en the adverse cli­mate and events such as the col­lapse of Ter­ra LUNA and FTX. But there’s a change in trend for in-demand roles with­in the cryp­tocur­ren­cy and blockchain industry.

Switch­ing any job in finan­cial, mar­ket­ing, sales, etc., is chal­leng­ing. The tran­si­tion is indeed a big step. One such sig­nif­i­cant change is get­ting start­ed in a cryp­to career; most of it was noticed in 2021.

The path to mak­ing a career in the cryp­tocur­ren­cy domain may look com­pli­cat­ed at first, but it gets eas­i­er as one sets out a straight­for­ward way to fol­low. This indus­try is one of the fastest-grow­ing fields across the globe. Despite a rel­a­tive­ly large learn­ing curve, lucra­tive salaries across the indus­try attract many can­di­dates of dif­fer­ent age groups and specializations.

2022 hasn’t been kind, how­ev­er. Giv­en the extreme­ly bear­ish con­di­tions, the cryp­to down­turn caused many in this sec­tor to be laid off, while oth­ers are sec­ond-guess­ing get­ting involved at all. 

BeIn­Cryp­to reached out to dif­fer­ent recruit­ment expert­s/­head-hunters to explore this pre­car­i­ous sit­u­a­tion. These experts had some engag­ing nar­ra­tives to share. Espe­cial­ly con­sid­er­ing the shift in demand for tal­ent from sev­er­al dis­ci­plines with­in cryp­to from 2021 to 2022.

Crypto jobs see high growth rates

The demand for cryp­tocur­ren­cy and blockchain jobs grew dra­mat­i­cal­ly last year. Job por­tal web­sites such as LinkedIn were the pri­ma­ry go-to’s dur­ing this time. The growth amount­ed to more than 100% between Sep­tem­ber 2020 and July 2021, per data from Cryp­to Par­rot.

Data from 2021 iden­ti­fied that soft­ware devel­op­ment jobs account­ed for the largest share of all cryp­to and blockchain job post­ings at near­ly 30%. The share rep­re­sent­ed a year-over-year drop from the 34.80% share dur­ing a sim­i­lar peri­od last year.

Man­age­ment came in sec­ond with a share of 10%, up 29.87% from 2020. Among the job post­ings, human resources account­ed for the high­est YoY growth rate at 200%. Over­all, the share of cryp­to and blockchain job post­ings grew 118% com­pared to Sept. 5, 2020.

Mean­while, most com­pa­nies incor­po­rat­ed remote work, mak­ing it more con­ve­nient for job seek­ers. A trend that is still active at the time of this publication.

A new study from cryp­to ven­ture cap­i­tal firm Frame­work gives a glimpse into this remote work nar­ra­tive. As part of its study, the ven­ture cap­i­tal firm sur­veyed 18 com­pa­nies based inside and out­side of the U.S.

Company remote work policies data from Framework
Source: Frame­work

‘The major­i­ty of sur­veyed com­pa­nies con­sid­er them­selves “ful­ly dis­trib­uted” and have remote work as the pri­ma­ry oper­at­ing mod­el of their businesses.’ 

It fur­ther added:

“Accord­ing to our sur­vey results, >33% of employ­ees of even US-based com­pa­nies are inter­na­tion­al, mak­ing this oper­a­tion seem nec­es­sary giv­en the glob­al work­force in cryp­to. Ear­li­er-stage com­pa­nies are more like­ly to be remote where­as com­pa­nies that have raised a Series A or B or slight­ly more like­ly to have one or more for­mal offices.”

That said, lay­offs were, and still are, a part of this sector.

From highs to lows

The pub­lic and pri­vate mar­ket sec­tors have tak­en a blow in 2022. Infla­tion con­cerns, inter­est rates hike, and geopo­lit­i­cal issues have fac­tored into this roller­coast­er. With that said, com­pa­nies took mea­sures to cut down on their expenses.

As of mid-Novem­ber, more than 73,000 work­ers in the U.S. tech sec­tor were let go in mass job cuts so far in 2022, accord­ing to a Crunch­base News tally. 

136,989 employ­ees were laid off by 849 world­wide tech com­pa­nies in 2022 alone per datasets from layoffs.fyi, a crowd­sourced data­base of tech layoffs.

Tech job layoffs in 2022 vs. Tech job layoffs since COVID-19 charts. Data from Layoffs.fyi
Source: Layoffs.fyi

The cryp­tocur­ren­cy mar­ket melt­down real­ly took off in June fol­low­ing the col­lapse of the Ter­ra LUNA ecosys­tem. Dur­ing that peri­od, BeIn­Cryp­to report­ed that around 3,500 cryp­to employ­ees were affected.

Major cryp­to and tech giants like Coin­base, Meta, Stripe, and Dap­per­labs, all took steps to cut down their employ­ee counts.

Patrick Col­li­son, CEO of pay­ments proces­sor Stripe, said in a Nov. 3 memo that 14% of the firm’s staff — around 1,000 employ­ees — would be laid off, cit­ing “infla­tion, ener­gy costs, high­er inter­est rates, reduced invest­ment bud­gets, and spars­er start­up fund­ing” as rea­sons for the cuts.

Another one bites the dust

This time around, the col­lapse of the FTX cryp­tocur­ren­cy exchange has been a major blow to the indus­try. The fall­out has led to a mas­sive wave of cryp­to-com­pa­ny lay­offs, start­ing from Meta­plex, one of the many com­pa­nies direct­ly affect­ed by the FTX contagion.

This also shows an imbal­ance for firms that suc­cess­ful­ly raised funds but didn’t quite man­age their trea­sury. This is because many com­pa­nies grew fat off the 2021 bull run highs. They spent reck­less­ly while fail­ing to improve their prod­ucts and cus­tomer experience.

Instead of mak­ing cryp­to more acces­si­ble to ordi­nary con­sumers, they blew mil­lions of dol­lars on TV ads and nam­ing sports sta­di­ums. For instance, Crypto.com spent $700 mil­lion on renam­ing the Sta­ples Cen­ter in Los Angeles.

Speak­ing to BeIn­Cryp­to, Cryp­toRe­cruit founder Neil Dun­don touched upon a sim­i­lar motion but inject­ed some cer­tain­ty amid the grow­ing chaos. 

He assert­ed:

“While there are a bunch of lay­offs in cryp­to as there are in the broad­er tech mar­ket, this presents oppor­tu­ni­ties for those who are well fund­ed and can last through this mar­ket. We are quite busy with those projects that have been steady clients over the years plus new projects that recent­ly raised funds. The ones that are lay­ing off are those that grew a lit­tle too fast and are scal­ing back to be a lit­tle lean­er through these more tur­bu­lent times.”

In terms of spe­cif­ic in-demand roles, Dun­don added:

“It’s less about increased demand and more about what roles are being made redun­dant. Such as con­tent, com­mu­ni­ty, mar­ket­ing, research, etc. Roles that are not mission-critical.”

All-in-one platform to find crypto jobs

BeIn­Cryp­to has cre­at­ed a plat­form called BeIn­Cryp­to Jobs, where mul­ti­ple job oppor­tu­ni­ties from var­i­ous firms are allocated.

BeIn­Cryp­to Jobs cur­rent­ly lists 645 open roles from 154 com­pa­nies with­in dif­fer­ent nich­es rang­ing from mar­ket­ing to soft­ware devel­op­ment to con­tent research.

Source: BeIn­Cryp­to Jobs

For roles like mar­ket­ing, there are more than 85 open posi­tions just in Novem­ber 2022 with­in this sector. 

For instance, IMPT, a lead­ing name in the blockchain indus­try, is active­ly hir­ing for a Mar­ket­ing Lead with com­pen­sa­tion of up to $250,000 per year. Oth­er com­pa­nies, such as Nexxyo Labs and even BeIn­Cryp­to, are hir­ing for a mar­ket­ing-based roles.

Source: BeIn­Cryp­to Jobs

Demand remains intact for web3 jobs, but can­di­dates might need to sharp­en their skills to stand out in the blockchain sector. 

Ale­na Afana­se­va, CEO and founder of BeIn­Cryp­to, recent­ly shared some insights for poten­tial job seek­ers who are still keen to jump into this grow­ing domain.

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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