The cryptocurrency market is holding up despite cuts in the technology industry

The cryptocurrency market is holding up despite cuts in the technology industry – Mail Bonus

The cryptocurrency market is showing few signs of slowing down, despite large numbers of layoffs and frozen hires of large technology companies.

In recent weeks, some major technology companies have announced that staff have been cut back on the downturn in the traditional market, reducing demand for products that had expanded during the pandemic. Recently announced recruitment cuts are Twitter, Uber, Amazon and Robinhood.

On Tuesday, the Netflix movie streaming service laid off 150 employees, mostly in the United States, as well as slowing down revenue growth. Earlier this month, Facebook parent company Meta imposed a moratorium on most middle- and senior-level positions after failing to meet revenue targets.

Netflix employee post on LinkedIn

The cryptocurrency industry has not been completely immune. On Tuesday, Coinbase announced that it was slowing down its hiring after losing $ 430 million in the first quarter. Coinbase’s chief operating officer Emelie Choi told staff in an internal memo that plans to triple the workforce by 2022 were on hold due to market conditions that require the company to “slow down recruitment and reassess our staffing needs compared to our priorities.

So we’re in the beginning of a slowdown in the cryptocurrency industry? Crypto recruiters interviewed by Cointelegraph do not hold.

“We have not seen a decline in cryptocurrency hiring. We are busy as always, “said Neil Dundon, founder of Crypto Recruit.

Dundon specializes in recruitment exclusively within the blockchain and cryptocurrency space.

“We have a team based around the world in the USA, Asia / Pac and Europe and the demand is just as great in the region.

Kevin Gibson, founder of Proof of Search, told Cointelegraph that layoffs in the tech industry have had little or no impact on his clients in the cryptocurrency industry to date.

“[I’ve] only heard of two companies letting people go, “said Gibson. “This could change next month, but slack will immediately be taken up by well-funded quality projects. As such, as an applicant, you will not notice any difference … if you lose your job, you will also receive many offers rather quickly. “

VC funding pathways

Gibson said most cryptocurrencies are still in the early stages and early stages of their careers and are still run by venture capital (VC) secured last year.

“The vast majority of quality projects were funded last year [they will] continue to build and dominate. There was such an imbalance of talent for the role that it will not be noticed to withdraw from pre-funded projects.

CB Insights’ State of Blockchain Q1 22 report said blockchain and crypto startups had a record quarterly funding, with venture capital peaks in a three-month period, amassing $ 9.2 billion and hitting $ 400 in the first quarter. million in the fourth quarter of 2021. This was the seventh consecutive quarter of record blockchain funding.

Dundon said he has seen more traditional technology companies and employees go into the cryptocurrency space and further enrich the cryptocurrency job market.

“At least forward-thinking technology companies are allocating some funding […] see how they could incorporate blockchain into their current models […] Not only are more companies venturing into this space, but candidates are streaming in as traditional technology declines.

A study by Linkedin published in January this year found that encryption-related job advertisements increased by 395 percent in the United States from 2020 to 2021, compared to only a 98 percent increase in the technology industry over the same period. The most common job titles required were blockchain developers and engineers.

According to Glassdoor, the average annual salary of a blockchain developer is $ 109,766. The average annual salary of blockchain engineers is slightly lower at 105,180 US dollars.

Related: Experts notice parallels to March 2020: Will this time be different?

Asked if the current cryptocurrency market could mean more terminations for cryptocurrencies, Dundon said he did not expect a similar situation to happen in 2018.

“Crypto hiring in the past tends to slow down when Bitcoin prices fall. It was almost directly related to its price,” Dundon explained.

“This time it is different, however, as cryptocurrencies now manage their treasures in a much more responsible way. […] This means everything in a much more stable recruitment market. “