Crypto recruiters see opportunity to attract talent amid massive tech layoffs

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Several major cryptocurrency companies have laid off employees in recent months to keep their businesses afloat. But while the big players are bringing talent back into the pool, startups have a chance to snatch it.

Recruiters and senior talent shared their thoughts with TechCrunch on what this means and how talent needs to navigate in today’s hiring environment.

“The attitude in a bear market is unique because those looking to break into the space during recessions are more likely to have passion, understanding and belief in the industry for the long haul,” points out Zack Skelly, the company’s lead talent. Investment dragonfly cryptocurrencies. he told TechCrunch. “They’re doing it for the right reasons, rather than just needing to find another job or benefit financially from a hype cycle.”

Reports surfaced on Monday that Gemini, a cryptocurrency startup that had merged with the now-bankrupt Genesis, will lay off 10% of its employees, according to insider news from The Information. It’s not the first time Gemini has laid off employees either. In July, the company made a 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 cryptocurrency companies making cutbacks. Earlier this month, Coinbase and Crypto.com cut 20% of their jobs as the companies attempted to weather the cryptocurrency market downturn.

While layoffs are falling at major crypto companies, this is just one segment of a broader layoff of the tech workforce: Salesforce, Amazon, Meta, Alphabet, and Microsoft have all laid off in recent weeks.

“Broadly, this means access to an even larger pool of proven and capable talent,” Alchemy recruiter Gus Brewer told TechCrunch. “Many companies facing layoffs have a reputation for having extremely high hiring standards, which is an important consideration when evaluating available new talent.”

Some crypto projects and startups are reviewing their hiring plans to take advantage of this influx of talent, Skelly said. “While a larger number of applicants may make filling out the overall list easier, I’ve heard some founders say it’s harder to find those who really align with the mission. More qualified resumes are popping up, yes, but there’s also more to sort out when it comes to the intangibles.

But it is important to note that not all crypto sectors are aggressively hiring. “There are few opportunities in retail right now,” Dan Eskow, founder of web3 talent agency Up Top, told TechCrunch. “There doesn’t seem to be any action. Whether you are a developer, a trader or a researcher, there is not much you can do.”

Eskow focuses on helping talent find work in start-up projects or companies. “You don’t see many layoffs [for startups] because many wait until it is absolutely necessary. [ … ] There is much greater workplace stability within the DeFi space,” he noted.

It’s a slow phase right now, Tyler Feinerman, head of talent and people operations at Wachsman, told TechCrunch.

“January is typically a slower time of year for hiring, but macroeconomic factors have certainly exacerbated conditions,” Feinerman noted. “February to April is usually the busiest time on the job market. While things may remain a bit slower than usual, I think we can expect some green shoots on the horizon.”

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Source: La Neta Neta

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