Bear Market Prompts Job Cuts In Crypto Firms

The value of the Crypto industry has gone down a lot since 2021. It used to be worth 3 trillion dollars, but now it’s only worth around 1.27 trillion dollars. This means there has been a 55% loss in one year. A few different things caused this, like the war between Russia and Ukraine, inflation going up, and the overall bad economy. This has also affected jobs in the Crypto industry.

Gemini laid off nearly 10% of its employees. It’s unfortunate news. The bear market is to blame. The company is focusing on critical products. This aligns with its long-term vision and goals. It’s a commendable decision. The affected employees face difficult times. Hopefully, the market will stabilize soon. They will find new opportunities eventually.

Also Read: Will Inflation Increase Global Bitcoin Adoption?

Crypto Firms: Present Scenario

The crypto industry has changed a lot in recent years and has grown a lot. But it’s been tough lately. Many big crypto companies, like Gemini, had to lay off lots of employees in the last six months.

• Bitso, a top crypto exchange in Latin America, had to let go of 80 workers because of the bad economy. They used to have 700 employees. The layoff was done to restructure the whole company, not just the finance department. A representative said there are still open positions in areas like fraud detection, tax, and accounting.
• Buenbit laid off 45% of its employees. The restructuring was done for financial stability. The company now operates with 100 employees. Previously, they had 180. Job opportunities are still available in various departments.
• Mercado Bitcoin’s parent company 2TM plans to lay off 12% of their 750 employees because of the bad global financial situation. Mercado Bitcoin is now one of the biggest crypto exchanges in Latin America.
• Coinbase is not hiring to reassess its strategies for a successful future. They had to take back many offers, putting candidates’ visas in danger. In April, the crypto trading platform cut off 9% of its workforce.
• Rain Financial, a crypto tradin platform cut off twelve employees, due to the global financial downturn.

Is There Still A Ray Of Hope In The Bearish Market?

Amid the poor market situation, there are various crypto firms that refuse to lay off their employees. Moreover, they are hiring employees to ensure sustainable growth in their company.

CEO of Twitter Exchange, Sam Bankman-Fried, declared an expansion of the company’s operations. Moreover, he stated that hiring employees in a bull market doesn’t always result in increased efficiency.

The global blockchain development company, HashCash Consultants announced that it is planning to hire a hundred employees to support its development centre based in Kolkata. Moreover, the company announced its plan to build a HashCash Park in Bengal Silicon Valley after investing $10 million after acquiring two-acre land. In 2022, the CEO of HashCash Consultants, Raj Chowdhury announced its expansion plans to build a new development center in Dubai. Moreover, the company is also offering a flat 50% discount on all its white-label crypto exchange products for a limited period of time.

In Conclusion

Founder of employment agency crypto recruit, Neil Dundon says that even with the degrading market situation, hiring in the digital industry has not slowed down. The hiring team based in the United States, Pacific, Asia, and European region claims that the demand is high across all these areas. Therefore, with the current downturn situation, the crypto firms are standing on a ticking bomb to check if they can handle the bearish pressure and survive the period.