The crypto and web3 sectors have recently exhibited a dichotomy of decline and hope. The year 2022 saw nearly 27,000 individuals parting ways with their jobs in the cryptocurrency realm, a reality accentuated as we stepped into 2023 with significant layoffs in major crypto establishments like Huobi Global and Genesis Global Trading, among others. Major cutbacks were witnessed across the board, with companies such as Coinbase, Gemini, and BlockFi reducing their workforce by 18%, 10%, and 20%, respectively, in the aftermath of a bear market scenario.
This employment contraction is not solely a narrative of market dynamics but also reflects a substantial drop in venture capital funding, which nosedived by 80% in the first quarter of 2023 compared to the same period in the preceding year, signaling a cautious approach by investors amid a challenging market landscape.
However, it’s not all a tale of despair. A segment of the sector continues to forge ahead, undeterred. Companies like Blockchain.com, known for its popular crypto wallet, and Immunefi, trusted by entities like ChainLink and MakerDAO for its DeFi security solutions, are among those still on a hiring spree, displaying an unyielding commitment to revolutionize the financial services industry and fortify projects against catastrophic exploits respectively. Other companies like Cryptopolitan, Coinmarketcap, and Kraken Digital Asset Exchange are also offering a plethora of remote crypto job opportunities, demonstrating the enduring allure and potential of the crypto and web3 arenas.
Interestingly, the job market’s dynamics also mirror a shift in interest, with job searches for AI positions surging, overshadowing those for crypto jobs. This is not a denouncement of the crypto sector but perhaps a widening of horizons as individuals and companies alike explore multifaceted technological advancements8.
As the crypto and web3 sectors navigate through this tempest, there’s a palpable optimism that the forthcoming bull run will usher in a colossal wave of employment opportunities. The resilience displayed by certain companies in continuing to hire amidst adversity is a harbinger of the sector’s robust foundation and its immense potential waiting to be unlocked.
The cyclical nature of the crypto market is a well-acknowledged phenomenon. As the market matures and navigates through its existing challenges, the prospect of a job market rebound is not a question of ‘if’ but ‘when.’ When this shift occurs, it is poised to not only revive the job market but also propel the crypto and web3 sectors to new zeniths, carving a promising trajectory for both aspiring and seasoned professionals in this exhilarating domain.
As a seasoned external recruiter in the crypto industry, here’s my advice to the fellow industry stakeholders:
For job seekers: The upcoming crypto bull run is your opportunity to shine. Update your skills, focusing on blockchain technology, smart contract development, and cryptocurrency trading strategies. Build a robust professional network by engaging in online forums, attending webinars, and participating in community projects. Tailor your resume to highlight relevant experience and projects, and be prepared to demonstrate your passion and knowledge in interviews.
For employers: Prepare for intense competition for skilled talent. Clearly define roles and expectations, and ensure your compensation packages are competitive. Invest in employer branding to attract top talent, focusing on your company’s vision in the crypto space. Consider flexible working arrangements and continuous learning opportunities for employees. Stay agile and informed about industry trends to make your organization a desirable place for crypto professionals.