Over the past year, the employment sector in the cryptocurrency industry has witnessed a significant decline. The trend began earlier this year when crypto prices started to crash.
Most enterprises have either reduced their workforce or stopped hiring new staff altogether. According to an analysis by BanklessTimes.com, global interest in crypto jobs has fallen by 62% since the start of 2022.
Jonathan Merry, CEO of BanklessTimes, commented on the report, “It’s been a really tough year for the crypto industry. We’ve seen a lot of projects fail, a lot of layoffs, and a lot of people leaving the space. The job market has definitely shrunk.”
Merry believes that the crypto industry is still in a “corrective phase” and that the job market is unlikely to rebound anytime soon.
Interest in remote Crypto jobs
There has been a rise in the desire for remote jobs and those that support a hybrid working model. Tech gurus among workers worldwide have shifted towards a Work From Home (WFH) way of working in the post-pandemic era.
The term “digital nomad” has been getting traction across social media as more people look for ways to make money online.
The decline in interest in crypto jobs may also be attributed to the fact that many people are now looking for remote jobs that can be done from anywhere in the world.
With the rise of digital nomads, it’s become easier for people to work online and travel simultaneously. This could be one of the reasons why interest in crypto jobs has declined.
Laying off workers
Cryptocurrency Exchange Platform Gemini fired some employees because of the “crypto winter.” Coinbase has also reduced staff, halted new hires, and revoked offers.
Another digital asset lender, Singapore’s Vauld, stopped clients from withdrawing their money due to the volatile state of the market. The corporation would also freeze hiring, reduce CEO pay, and lay off about 30% of its workforce.
Even with the current market situation, some projects are still recruiting. They include Kraken, Binance, and Ripple. It is challenging to make predictions in the cryptocurrency industry, given the highly volatile and unpredictable nature of digital assets. However, the industry may see a resurgence in the coming years.