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number of majors Cryptocurrency companies have laid off workers in recent months to keep their businesses afloat. But as big companies put talent back into their pools, startups have an opportunity to snatch them up.
Recruiters and talent heads shared their thoughts with TechCrunch on what this means and how talent should navigate the current hiring landscape.
“Employment in a bear market is unique in that those seeking to enter the industry during a recession are likely to be passionate about, understand and believe in the industry for the long term,” said Focus on Crypto. said Zack Skelly, head of people at investment firm Dragonfly. told TechCrunch. “They are participating for good reasons, not just because they need to find another job or because they want to take advantage of the Hype Cycle economically.”
Reports surfaced on Monday that Gemini, a crypto startup mixed with the now bankrupt Genesis, was laying off 10% of its staff, according to an internal message seen by The Information. It wasn’t the first time Gemini had laid off staff either. In July, the company announced its second round of layoffs, just seven weeks after cutting 10% of its workforce due to “turbulent market conditions,” TechCrunch reported.
Gemini is one of many major crypto companies making cuts. Earlier this month, Coinbase and Crypto.com cut jobs by 20% as the companies tried to navigate the downturn in the cryptocurrency market.
Headcount reductions are taking place at major cryptocurrency companies, but that’s just one segment of a broader resizing of the tech workforce. Salesforce, Amazon, Meta, Alphabet, and Microsoft have all cut jobs in recent weeks.
Alchemy recruiter Gus Brewer told TechCrunch: “Many companies facing layoffs are known to have very high standards when it comes to hiring, which is something to consider when evaluating newly available talent.”
Some cryptocurrency projects and startups are reviewing their hiring plans to take advantage of this influx of talent, Skelly said. “But while a larger pool of candidates may make it easier to fill the overall workforce, some founders say it makes it harder to find people who are truly mission-aligned. We see more qualified resumes — yes — but there are also a lot of things that need to be filtered when it comes to intangibles.”
However, it is important to note that not all crypto sectors are actively adopting it. “There are very limited opportunities for deals right now,” Dan Eskow, founder of web3 talent his agency Up Top, told TechCrunch. “There doesn’t seem to be any particular action. Whether you’re a developer, trader, or researcher, there’s not much to do.”
Eskow is focused on helping people find jobs in early stage projects and companies. “I don’t see mass layoffs [for startups] Because many people wait until they absolutely need it. [ … ] Within the DeFi space, we have a much higher job security landscape,” he noted.
Tyler Feinerman, Head of Talent and People Operations at Wachsman, told TechCrunch:
“January is usually a slow month for hiring, but macroeconomic factors certainly made things worse,” Feinerman said. “February to April are usually the hottest months for the job market, so things may remain a little slower than usual, but I think we can expect to see some sprouts on the horizon. “
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