Crypto job layoffs have been an unfortunate part of calendar 2022, given the unfavorable climate and events such as the collapse of Terra LUNA and FTX. But there is a changing trend for in-demand roles in the cryptocurrency and blockchain industry.
Changing jobs in finance, marketing, sales, etc. is a challenge. The transition is indeed a big step. One of those big changes is embarking on a career in crypto; most were noticed in 2021.
The path to a career in cryptocurrency may seem complicated at first, but it becomes easier as you map out a simple path to follow. This industry is one of the fastest growing fields across the globe. Despite a relatively steep learning curve, the industry’s lucrative salaries attract many applicants from different age groups and specializations.
2022, however, has not been kind. Given the extremely bearish conditions, the crypto downturn has caused many players in this sector to be laid off, while others are reluctant to get involved.
BeInCrypto contacted various recruitment experts/headhunters to explore this precarious situation. These experts had compelling stories to share. Especially given the changing demand for talent from multiple disciplines within crypto from 2021 to 2022.
Crypto Jobs See High Growth Rates
The demand for cryptocurrency and blockchain jobs has increased significantly over the past year. Job portal websites such as LinkedIn were the main referral sites at that time. The growth amounted to more than 100% between September 2020 and July 2021, according to data from Crypto Parrot.
Data from 2021 identified that software development jobs accounted for the largest share of all crypto and blockchain job openings at nearly 30%. The share represented a year-over-year decline from the 34.80% share during a similar period last year.
Management came in second with a 10% share, up 29.87% from 2020. Among job vacancies, human resources had the highest annual growth rate at 200%. Overall, the share of crypto and blockchain job postings increased by 118% from September 5, 2020.
Meanwhile, most companies have integrated remote work making it more convenient for job seekers. A trend still active at the time of this publication.
New research from crypto venture capital firm Framework provides some insight into this remote work narrative. As part of its study, the venture capital firm surveyed 18 companies based inside and outside the United States.
“The majority of companies surveyed consider themselves ‘fully distributed’ and have remote working as their primary operating model for their business.”
He further added:
“According to our survey results, >33% of employees at even US-based companies are international, making this necessary given the global crypto workforce. Early-stage companies are more likely to be remote, while 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 part of this sector.
From highs to lows
Both the public and private market sectors have taken a hit in 2022. Inflation concerns, rising interest rates and geopolitical issues have factored into this roller coaster. That said, businesses have taken steps to reduce spending.
As of mid-November, more than 73,000 US tech workers have been laid off in massive job cuts so far in 2022, according to a tally by Crunchbase News.
136,989 employees were laid off by 849 global tech companies in 2022 alone according to datasets from layoffs.fyi, a crowdsourced tech layoffs database.
The cryptocurrency market crash really took off in June after the Terra LUNA ecosystem crashed. During this period, BeInCrypto reported that approximately 3,500 crypto employees were affected.
Major crypto and tech giants like Coinbase, Meta, Stripe, and Dapperlabs have all taken steps to reduce the number of their employees.
Patrick Collison, CEO of payment processor Stripe, said in a Nov. 3 memo that 14% of the company’s staff — around 1,000 employees — would be laid off, citing “inflation, energy costs, higher interest rates, reduced capital budgets and seed funding” as reasons for the cuts.
Another one biting the dust
This time around, the collapse of cryptocurrency exchange FTX was a blow to the industry. The fallout has led to a massive wave of layoffs from crypto companies, starting with Metaplex, one of several companies directly affected by the FTX contagion.
It also shows an imbalance for companies that have successfully raised funds but haven’t quite managed their cash flow. Indeed, many companies grew bigger after the bullish highs of 2021. They spent recklessly without improving their products and customer experience.
Instead of making crypto more accessible to mainstream consumers, they spent millions of dollars on TV ads and naming sports stadiums. For example, Crypto.com spent $700 million renaming the Staples Center in Los Angeles.
Speaking to BeInCrypto, CryptoRecruit founder Neil Dundon hinted at a similar motion, but injected some certainty amid the mounting 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 in this market. We are very busy with those projects that have been regular clients over the years, as well as new projects that have recently raised funds. Those laying off are those who have grown a little too fast and are shrinking to be a little leaner in these more turbulent times.
In terms of specific roles in demand, Dundon added:
“It’s less about increased demand and more about roles being rendered superfluous. Such as content, community, marketing, search, etc. Roles that are not mission critical.
All-in-one platform to find crypto jobs
BeInCrypto has created a platform called BeInCrypto Jobs, where several job opportunities from various companies are assigned.
BeInCrypto Jobs currently lists 645 open positions from 154 companies in different niches ranging from marketing to software development to content research.
For roles like marketing, there are more than 85 open positions in November 2022 alone in this sector.
For example, IMPT, a top name in the blockchain industry, is actively recruiting a Marketing Manager with a salary of up to $250,000 per year. Other companies, such as Nexxyo Labs and even BeInCrypto, are hiring for marketing-based positions.
Demand remains intact for web3 jobs, but candidates might need to sharpen their skills to stand out in the blockchain industry.
Alena Afanaseva, CEO and Founder of BeInCrypto, recently shared some ideas for potential job seekers who still want to get started in this growing field.
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